Cryptocurrency market today, September 7: Bitcoin loses important milestone

(NLDO)- Given the market developments, analysts say they do not rule out the possibility that Bitcoin could return to around 75,000 USD.

According to OKX data at 9:30 AM on September 7th, the price of Bitcoin (BTC) decreased by nearly 0.3% in the past 24 hours, trading around $110,500.

Bitcoin could drop to $75,000.

Other major cryptocurrencies also declined simultaneously, with Ethereum (ETH) falling 0.4% to below $4,300 and Solana (SOL) losing more than 0.5% to $202.

Conversely, some cryptocurrencies saw a slight recovery, such as XRP rising to $2.81 and BNB increasing by over 1% to $861.

Notably, Pi Network, which was listed on OKX on February 20 at $0.8 and quickly skyrocketed to $3, is now only around $0.34 (down more than 88%).

This decline has caused many investors, especially those who bought at the peak, to suffer heavy losses.

The negative developments in the cryptocurrency market took place in the context of the US announcing the August jobs report with only 22,000, far below forecasts, according to CoinDesk .

Bitcoin is trading around $110,500. Source: OKX

Previous months’ figures were also revised downward, raising concerns about a weakening labor market. This made analysts almost certain that the US Federal Reserve (FED) would cut interest rates at its meeting on September 17.

Normally, a Fed interest rate cut is positive news for Bitcoin, but this time the price didn't rise; instead, it reversed and fell.

Bitcoin briefly topped $113,000 but quickly fell below $112,000. The failure to hold this important level has investors worried that the decline will continue, with strong support at around $101,700.

Some experts don't even rule out the possibility that Bitcoin could return to around $75,000, the level it was at the beginning of the year.

The market is expected to be volatile in the coming days when the US releases August inflation data. If this index remains high and bond yields rise again, Bitcoin and risky assets will continue to be under pressure.

Source: https://nld.com.vn/thi-truong-tien-so-hom-nay-7-9-bitcoin-mat-moc-quan-important-19625090709444601.htm