The largest cryptocurrency in the world is currently facing selling pressure, which has affected its price and the price of most alternative digital currencies.

Earlier in the day, Bitcoin price fell below $45,000 to reach new weekly lows.

At press time, Bitcoin is trading down 2.7% at $44,955 and a market capitalization of $846 billion.

Bitcoin technical charts show that investors may have to prepare for some volatility in September.

The main support levels that should be monitored the most will be:

The 50-day and 200-day moving averages.

If the bitcoin bears can break through and fall below it, the bitcoin price will likely head towards the $40,000 level.

Read:Poloniex acquires decentralized platform Tron

Speaking to Bloombergsaying:

As happened on Tuesday, the 50-day moving average provided some good support for Bitcoin

This is the good news.

While the bad news is that if it breaks below this line in the coming days, it will worry traders.

Over the past decade, September has been the most challenging month for Bitcoin and the crypto market in general.

September is usually characterized by a lot of volatility in the price of Bitcoin.

September and for the past 10 years, the price of Bitcoin has closed negatively 6 times.

JP Morgan Blames El Salvador’s Adoption of Bitcoin:

Bitcoin and the overall cryptocurrency experienced a strong correction earlier this week, exactly the day El Salvador made Bitcoin its official currency with the US dollar.

Hours after launch, the digital wallet system in El Salvador collapsed as many citizens complained of installation problems.

JPMorgan analysts were quick to blame El Salvador for the bitcoin volatility and the general correction of the crypto market.

The strategists at JPMorgan Chase & Co., led by Nikolaus Panegertzoglou, wrote:

Read:Binance founder expects to generate $1 billion in profit this year

El Salvador’s ill-considered experience should not be decisive for the future of Bitcoin or cryptocurrency.

Cryptocurrency markets suffered from glitches in El Salvador this week.

While Bitcoin is currently under selling pressure, data from the CryptoQuant platform indicates that exchanges are recording their lowest levels in terms of the number of Bitcoin deposits in them.

BTC dollars Supply in the stock exchanges is about to break its previous low.

Hopefully we will see another sell-side liquidity crunch # bitcoin.

Read:Analyst Tom Lee: The crypto market is not speculative enough

Live Graph 👇 pic.twitter.com/zCrq9o5YFT

– Ki Young-ju (@ki_young_ju) September 10, 2021

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