Bitcoin Records 5% Loss In Minutes, Gives In To Sell-off Pressure

Bitcoin (BTC) has lost more than $500 in a matter of minutes having to give in to a massive sell-off pressure which saw it trading around $9,400 area.

This quick decline represented more than 5% loss in percentage price and now BTC has broken a major support level at the $10,000 corner.

The BTC/USD pair, at the time of writing this update, is trading at $9,472 with the price fluctuating below $9,450 at irregular intervals.

bitcoin
Bitcoin price chart | Source: TradingView

BTC first experienced a massive sell-off at the around $10,400 level when the price had recently surged from just a little below $10,000. This pressure saw bitcoin move towards a few tens above $10,000 as BTC traded within the range for about 4 to 5 days.

This price was around $10,077 in the early hours of Saturday and a sudden inflow of sell-off pressure has made bitcoin bow to the inbound bear markets.

Bitcoin submitted to heavy pressure in the last minutes and shed more than $500 to slump below the crucial $10,000 area. As of writing, the BTC/USD pair was down 3% on the day, trading near $9,500.

Major alts too seem to be nurturing the common touch. Following the king’s lead, ETH, LTC, and XRP also showed similar price movements but no visible catalyst has been identified to be a major influence.

Ethereum, at the early hours of Saturday, slide down the charts in a similar way to bitcoin, losing more than $18 in the process. This bear movement represented about 9% decrease in price within the last hour. At the time of writing this piece, Eth is trading at $206.5

Similar price movement was observed in ethereum at the beginning of the week when Ethereum moved down the chart by around 12% before rising up gradually in a very reluctant bullish run. At the time, the price of Ethereum had dropped to record a low at $198 per unit. There was a reverse of this case when BTC gained momentum recently while Ethereum followed the trend. Now, as though the price of Eth is invariably controlled by price movements in BTC, ETH has also futures the bear trend.

The post Bitcoin Records 5% Loss In Minutes, Gives In To Sell-off Pressure appeared first on Coingape.

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