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Bitcoin price

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

Tony "The Bull" by Tony "The Bull"
1 month ago
in BTC
Reading Time: 2 mins read

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. 

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

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: Why Bitcoin May Have Completed The “Perfect” Pullback

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
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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