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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
Bitcoin price

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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. 

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. 

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. 

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Not So Fast: Bitcoin Strength Fails To Breach This Key Bullish Level

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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. 

BTCUSD_2023-04-26_17-15-50

6%+ in under 60 minutes | BTCUSD on TradingView.com

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. 

Related Reading

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Why Bitcoin May Have Completed The “Perfect” Pullback

1 year ago

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 TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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