Share this article
$7.5K: Bitcoin's Price Tanks to Four-Month Low
Bitcoin's price fell to less than $7,500 today and traders believe a "long squeeze" is to blame.
Updated Sep 14, 2021, 1:51 p.m. Published Oct 23, 2019, 1:26 p.m.
Make us preferred on Google
Bitcoin's low volatility consolidation has ended with a violent drop beyond four-month lows near $7,500.
The premier cryptocurrency fell by $500 in just 15 minutes at 12:50 UTC to hit a low of $7,500 – the lowest level since June 10, according to Bitstamp data. It is currently hovering at that price.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The global average price, as represented by CoinDesk's Bitcoin Price Index (BPI), also hit a low of $7,549. With the price slide, BTC's market capitalization also tanked to $135 billion.
A big move was overdue as bitcoin's price volatility had dropped to a 6.5-month low of 2.58 percent earlier today, according to Coinmetrics.
The cryptocurrency was largely trapped in a trading range of $8,500 to $7,850 since the end of September. The consolidation was expected to end with a bullish breakout as technical charts were reporting signs of seller exhaustion near $7,850 – a key Fibonacci retracement level.
The range, however, has ended with a violent move to the downside, possibly due to massive long squeeze reported by @WhaleCalls. A long squeeze occurs when a drop in prices forces long holders to unwind their positions. That adds to the downward pressure, leading to a deeper price slide.
The range breakdown has exposed support at $7,430 (multiple daily lows in June). As of writing, BTC is changing hands at $7,600, representing a 7 percent drop on a 24-hour basis.
Other cryptocurrencies are also flashing red. Names like binance coin and litecoin are reporting 8 percent drop and ether, XRP and bitcoin cash are shedding 6-7 percent, according to CoinMarketCap.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Staircase image via CoinDesk archives; charts by Trading View
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
Mais para você
Here is why investors are snubbing Michael Saylor’s 10% dividend offer in Europe
Access and market structure issues limit adoption of Strategy’s first non U.S. perpetual preferred, Stream.
O que saber:
- Stream (STRE) is Strategy’s euro-denominated perpetual preferred stock, positioned as a European counterpart to the firm’s high-yield preferred Stretch (STRC).
- Khing Oei, founder and CEO of Treasury, says adoption has been constrained by poor accessibility and opaque price discovery.
Top Stories
