Bitcoin Price Flash Crashes 6% In Under 60 Minutes, What Happened?

News BTC

Bitcoin price was trading in the green today, up about $1,500 at the high. The top cryptocurrency by market cap also made another attempt at $30,000 around mid-day. 

Shortly thereafter, in the span of less than 60 minutes, BTCUSD flash crashed by more than 6%, leaving the marker bewildered. Here is a closer look at the sharp selloff and some potential reasons for the reset. 

How To Get Free Crypto  

Bitcoin Price Bleeds 6% In 60 Minutes

Crypto market volatility is picking up and it’s doing so in a major way. Today alone, Bitcoin price was up by more than 6%, then saw the entire rally and then some wiped out in a nearly 7%, one hour long selloff. 

Claim the JACKPOT with 55 FREE SPINS. Signup today to redeem your bonus.
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Play Now!

Bulls who were gloating to start the day are now licking wounds and scratching their heads. Even bears aren’t sure what to think about today’s price action, it happened so quickly. 

If recent lows at $27,000 don’t hold, today’s selloff could be the start of a second corrective wave down in BTCUSD. If the level does indeed hold, the move is more than likely the results of long positions in profit closing in succession, followed by stop losses being triggered who entered on the way up, wiping out open interest and resetting technical indicators. 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

6%+ in under 60 minutes | BTCUSD on

What To Watch For: Shakeout Or Rejection?

The daily candle currently has a massive wick at the top and a decent-sized lower shadow, demonstrating the struggle between bulls and bears in today’s trading session. 

Coinbase Banner  

Bitcoin price continues to find resistance at $30,000, and needs to press higher to convince the market that crypto winter is over. Rejection here could be disastrous for the top cryptocurrency by market cap. However, it is possible the move was merely a shakeout before continuation.

One thing is certain: this type of volatility should continue for the near term. 

Follow @TonyTheBullBTC & @coinchartist_io on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from

Go to Source
Author: Tony "The Bull"

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.