RATE Group | Bitcoin Price Drops 5% After Rejecting at Key $9,900 Resistance
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Bitcoin Price Drops 5% After Rejecting at Key $9,900 Resistance

20 May Bitcoin Price Drops 5% After Rejecting at Key $9,900 Resistance

Posted at 22:37h in Bitcoin News by

Within the last hour Bitcoin (BTC) price abruptly dropped 4.9% from $9,800 to $9,324. The sharp correction came after the top ranked digital asset on CoinMarketCap failed to push through the $9,900-$10,000 resistance zone. 

At the time of writing traders appear to be viewing the pullback as a dip buying opportunity, possibly due to the boost in bullish sentiment brought about by yesterday’s golden cross between the 50 and 200-day moving averages. 

Crypto market weekly price chart. Source: Coin360

Interestingly, prior to the 5% correction, crypto-Twitter was abuzz with discussion over the transaction of 50 Bitcoin that hadn’t moved wallet addresses since 2009. Some traders speculated that the coins were possibly from Bitcoin creator Satoshi Nakamoto. 

Bitcoin: Spent Outputs with a Lifespan > 10 years. Source: glassnode

Blockchain analytics provider, Glassnode posted the above chart and said: 

A #Bitcoin UTXO older than 11 years was just spent on-chain! It dates from February 9th…

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