An $8,000 daily loss leaves the market shaking its head on one of the most volatile days in Bitcoin since the China miner rout.

Bitcoin (cryptoprimacy.com/bitcoin-price”>BTC) fell sharply as trading continued on Sept. 7 as a volatile day took BTC price action below $43,000 in one of the most volatile days of the year.

BTC/USD 1-hour candle chart. Source: TradingView

Whales blamed for major BTC sell-off

Data from cryptoprimacy.com/?via=markets&_ga=2.121254216.1571181373.1628517932-1136475544.1627545224″>Cointelegraph Markets Pro and TradingView captured the volatility as Bitcoin suddenly lost the psychological $50,000 level.

The move came just hours after analysts cryptoprimacy.com/news/bitcoin-needs-to-hold-50k-to-avoid-a-44k-bearish-btc-price-target” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-needs-to-hold-50k-to-avoid-a-44k-bearish-btc-price-target/amp”>cryptoprimacy.com/news/bitcoin-needs-to-hold-50k-to-avoid-a-44k-bearish-btc-price-target” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-needs-to-hold-50k-to-avoid-a-44k-bearish-btc-price-target/amp”>jointly agreed that BTC/USD must hold $50,000 in order to preserve bullish momentum.

One of them, Cointelegraph’s Michaël van de Poppe, highlighted $49,500 as the point of no return should it fail to stick as support. After that, he said, $44,000 could be next.

He subsequently noted that Bitcoin had closed the weekend’s CME futures gap.

At the time of writing, with prices still unstable, Bitcoin traded at around $46,700 — well below the desired minimum, having hit a floor of $47,200.

Trader and analyst Scott Melker, known as “The Wolf of All Streets,” blamed large-volume traders.

“Leave it to whales to dump Bitcoin on the day that El Salvador makes it legal tender,” he said.

“Real volume on the selling as well.”

cryptoprimacy.com/news/btc-price-further-crushes-resistance-nears-53k-on-el-salvador-bitcoin-day” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/btc-price-further-crushes-resistance-nears-53k-on-el-salvador-bitcoin-day/amp”>As Cointelegraph reported, the largest cryptocurrency hit $52,960 — an almost four-month high — on Sept. 7, the day El Salvador adopted Bitcoin as its currency alongside the U.S. dollar.