BTC USD

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, The price of Bitcoin (BTC) dropped below $9,000 in a rapid pullback, falling by 5% in 48 hours. It marked the seventh drop to the $8,000s for the top-ranked cryptocurrency by market capitalization within a span of two months, since early May. Thus, traders have been concerned that repeated drops below $9,000 may weaken a critical support level.

Meanwhile, only $30 million worth of futures contracts were liquidated on the recent drop on BitMEX. The futures data indicates there exists a possibility of a bigger drop.