RATE Group | Bitcoin Traps Buyers With Biggest Daily Price Loss in Three Months
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Bitcoin Traps Buyers With Biggest Daily Price Loss in Three Months

20 Feb Bitcoin Traps Buyers With Biggest Daily Price Loss in Three Months

Posted at 13:54h in Cryptocurrency News by

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  • Despite an $800 fall on Wednesday, bitcoin’s broader trend remains bullish with prices holding above the higher low of $9,075 (Feb. 4 low).
  • However, yesterday’s bearish engulfing candle has shifted risk in favor of a drop to that level.
  • A move back above a short-term moving average at $9,800 could force sellers to reassess their positions.

Bitcoin took its biggest daily fall in three months on Wednesday, potentially trapping the bulls on the wrong side of the market.

Prices were rejected near $10,300 during the U.S. trading hours and fell sharply by $800 to levels near $9,300 in the 30 minutes to 22:00 UTC before closing the day near $9,600 – down over 5.5 percent on the day. That’s the biggest single-day drop since Nov. 21, according to CoinDesk’s Bitcoin Price Index (BPI).

Bitcoin fell by nearly 6 percent from $8,085 to $8,600 on Nov. 21. Since then, the cryptocurrency has had 44 down days, although the losses have been largely moderate.

As can be seen above, bitcoin…

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