RATE Group | Market Wrap: Bitcoin Rebounds to $9,500 After Scary Sell-Off
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Market Wrap: Bitcoin Rebounds to $9,500 After Scary Sell-Off

20 May Market Wrap: Bitcoin Rebounds to $9,500 After Scary Sell-Off

Posted at 23:38h in Bitcoin News by

Bitcoin suffered a quick sell-off on Wednesday after a previously dormant address moved some of the earliest-mined coins for the first time. While bitcoin’s price has recovered a bit, downward selling pressure remains and could have an impact on stakeholders, especially in the derivatives and mining sectors.

As of 20:00 UTC (4 p.m. ET), bitcoin (BTC) was trading at $9,529, a loss of 1.2% over 24 hours. Bitcoin moved below its 10-day and 50-day moving averages on high selling volume. It’s a signal of bearish sentiment after bitcoin dropped as low as $9,100 earlier in the day on spot exchanges including Bitstamp.

btcmay20
Bitcoin trading on Bitstamp since May 18
Source: TradingView

After a few days of prices staying pretty much flat, bitcoin trading activity has picked up. However, that activity was mostly from sellers after one of the oldest bitcoin addresses suddenly showed signs of life, moving up to 50 BTC around for the first time in 11 years. That caused a quick 7% price drop within an…

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