RATE Group | Bitcoin Slides Back Below $10K Amid Quick Bearish Sell-Off
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Bitcoin Slides Back Below $10K Amid Quick Bearish Sell-Off

20 Feb Bitcoin Slides Back Below $10K Amid Quick Bearish Sell-Off

Posted at 01:13h in Bitcoin News by

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Bitcoin has dipped back below the psychological area of support near the $10,000 level amid a 20-minute bearish sell-off that took the markets by surprise.

At around 21:30 UTC on Feb. 19, the price of bitcoin (BTC) fell more than 4.5 percent from $10,086 to $9,610, according to CoinDesk’s BPI data, despite the technical signs appearing to favor the bulls.

On exchanges like Bitstamp and Coinbase, prices dropped to as low as $9,280 before quickly being snatched up by opportunistic buyers looking to capitalize on the fall. BTC is now changing hands for around $9,719.

“I’m a long holder and even I’m shook,” said BTC investor and podcast host Brad Mills in a recent tweet.

“That usually means too much exposure,” he added.

Indeed, the sell-off caught many traders unawares as the price of BTC shed much of the gains achieved over the last few days with BTC’s price rising out of a prior area of resistance near $9,483 on Feb. 17 to above $10,000 a day later.

So far sellers are…

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