RATE Group | Flash Crash Sends Bitcoin Price Below Key Moving Average
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Flash Crash Sends Bitcoin Price Below Key Moving Average

23 Oct Flash Crash Sends Bitcoin Price Below Key Moving Average

Posted at 15:15h in Bitcoin News by

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Ouch. Over the past few hours, Bitcoin has finally seen some volatility play out after a multi-week lull, plunging below $7,500 after holding in the low-$8,000s for days on end. Per previous reports from NewsBTC, this move largely caught traders off guard, with there being a massive long liquidation event of over $200 million on BitMEX amid this crash.

While the selling pressure has paused, there are some technical signals that imply bearish continuation over the coming days.

Yesterday, analyst Philip Swift noted that in the previous market cycle, Bitcoin followed a pattern of bottoming at the 200-week moving average, then seeing its first bull market rally to bottom at 100-week moving average.

Bitcoin seems to be doing the same this time around. But if the 100-week moving average is lost, a potential macro bear market or at least months more of consolidation could follow suit.

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