RATE Group | Bitcoin Price Fights to Hold $9.5K to Stave Off a Trend Reversal
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Bitcoin Price Fights to Hold $9.5K to Stave Off a Trend Reversal

20 Feb Bitcoin Price Fights to Hold $9.5K to Stave Off a Trend Reversal

Posted at 21:33h in Bitcoin News by

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On Feb. 20 Bitcoin (BTC) price surprisingly dropped 8.85%, a move which caught many investors off guard as up to that moment the digital asset had recovered well from the President’s Day weekend correction and was trading sideways in the $10,200 range. Citing data from CoinMetrics, ARK Invest crypto analyst Yassine Elmandjra tweeted that the $1,000 price drop was the fifth largest USD correction to occur on the hourly time frame since 2017.

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Since the sharp downside move, traders, analysts, and crypto-Twitter have been attempting to pinpoint the source of the flash crash and a handful of theories have arisen. Some have attributed the volatility to the consecutive unplanned Binance exchange outages which halted trading on the platform and prevented many traders from being able to log into their accounts.

Others, like, Cointelegraph contributor and Bitcoin trader filbfilb speculated that a shortage of Tether (USDT) at Binance could possibly have contributed to the current market…

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