Home Bitcoin News Bitcoin price crashes 14% sending cryptocurrency market into tailspin

Bitcoin price crashes 14% sending cryptocurrency market into tailspin

3 min read

  • Bitcoin value exhibits huge sell-off because it slid from $60,900 to $51,541.
  • This crash comes after rumors of the US treasury charging a number of monetary establishments for cash laundering utilizing cryptocurrency emerge.
  • BTC may bounce across the 61.8% Fibonacci retracement degree at $51,240.

Bitcoin price is experiencing an enormous sell-off, leading to a breakout of a technical formation that contained it for greater than three months.

Coinbase direct and Bitcoin value crash

On the 12-hour chart, Bitcoin value has shed almost $9,000, bringing it all the way down to $51,541. This crash appears to coincide with a number of sources on Twitter stating that the U.S. treasuries will probably be charging monetary establishments for cash laundering utilizing cryptocurrencies.

Whereas this crash could also be unrelated to Coinbase’s direct listing, Peter Schiff, an avid critic of cryptocurrencies, stated,

Relatively than being a watershed second within the lifetime of Bitcoin, the CoinbaseIPO might have marked the start of its loss of life.

The market-wide crash has resulted in $1.72 billion value of lengthy positions liquidated within the final hour alone. Increasing this vary to 24-hours exhibits that 927,000 merchants’ positions value almost $10 billion had been wiped off, with $68.73 million being the most important liquidation to date.

Bitcoin value witnesses first vital crash February

Bitcoin price has dropped 19% over the past three days and 14% previously 12 hours. This transfer has triggered a sell-signal from the SuperTrend indicator as BTC sliced by way of the 50 and 100 Easy Shifting Averages (SMA) on the 12-hour chart/

Areas of curiosity embody the 61.8% and 50% Fibonacci retracement ranges at $51,240  and $47,022, respectively.

BTC/USD 12-hour chart

BTC/USD 12-hour chart

On the flip aspect, if traders start to purchase the dips, Bitcoin value may flip round and retest the 78.6% Fibonacci retracement degree at $57,245.

Attributable to huge institutional demand, traders may shortly scoop up BTC, which is now promoting at a reduction.

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