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Home Cryptocurrency news Bitcoin

Bitcoin Price Flash Crashes $600 In Less Than 5 Minutes, Last Night’s Rally Erased

Tony Spilotro by Tony Spilotro
8 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
bitcoin price flash crash
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In a shocking move, Bitcoin price just plummeted by over $600 in less than five minutes of price action. The surprise move has now erased the entire rally last night that took Bitcoin above the key level of $10,000, which it has yet again failed to hold.

Bitcoin Price Fails To Hold $10,000 Yet Again

Bitcoin price just fell over $600 in mere minutes, liquidating overleveraged long traders and quickly putting a stop to any hopes of a breakout in the cryptocurrency.

Talk about a clear technical breakout in the leading crypto asset spread across crypto Twitter like wildfire after last night’s daily close.

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Related Reading | Bitcoin Is Overpriced According Energy Value For First Time Since September 2019

But the upward break of a symmetrical triangle on the BTCUSD trading pair has now been rejected back below critical resistance at $10,000.

The chart below depicts just how violent the crash was, sending Bitcoin price dropping by over 5% in a matter of a 5-minute long red candle.

 bitcoin price flash crash

“I’m Bart Simpson, Who The Hell Are You?”

The move erased last night’s entire rally just prior to the daily close. A weekly sell signal on many crypto assets including Bitcoin may have spotted this drop ahead of happening, or $10,000 once again has proven to be too strong.

Whatever the reason for the selloff, it has caused the return of the “Bart” formations, in reference to the shape of Bart Simpon’s head matching the price pattern.

Related Reading | Top Cryptocurrency Assets Trigger TD9 Sell On Weekly Price Charts 

These patterns arrive when liquidity is low, and market manipulation runs amok. They’ve become notorious amongst the crypto community.

The drop doesn’t necessarily mean that Bitcoin’s rally is over, or new lows are in the cards. This could be a retest of resistance turned support that needs to confirm and hold for more upside to happen.

Breakout out above $10,000 was never going to be easy, but when it finally happens and holds, all bets are off for the next bull market.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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