{"id":414762,"date":"2020-02-15T16:20:38","date_gmt":"2020-02-15T16:20:38","guid":{"rendered":"https:\/\/wncen.com\/?p=414762"},"modified":"2024-06-11T13:42:00","modified_gmt":"2024-06-11T13:42:00","slug":"bitcoin-plummets-to-9700-in-violent-selloff-after-breaking-below-a-key-level","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-plummets-to-9700-in-violent-selloff-after-breaking-below-a-key-level\/","title":{"rendered":"Bitcoin Plummets to $9,700 in Violent Selloff After Breaking Below a Key Level"},"content":{"rendered":"

Bitcoin saw an incredibly sharp selloff this morning after previously being caught within a firm bout of sideways trading around $10,300. This latest selloff sent BTC reeling below the key $10,000 price region, marking the first break below this level since last Monday.<\/p>\n

This violent downwards movement sent the crypto plunging to lows of $9,700 on major trading platforms like BitMEX, with the visit to this level allowing the crypto to find some support that has led it back up towards $10,000.<\/p>\n

Analysts are now noting that this movement also marked a break below a key technical formation that it had been caught within, which could suggest that it will cut deeper before it finds any notable support.<\/p>\n

Bitcoin Plummets to Lows of $9,700 as Bears Grow Strong<\/strong>\u00a0<\/strong><\/h2>\n

At the time of writing Bitcoin<\/a> is trading down nearly 4% at its current price<\/a> of $9,950, which marks a notable bounce from its intra-drop lows of $9,750 that were set at the bottom of this selloff.<\/p>\n

It is important to note that bull\u2019s reaction to this movement has been intense, with buyers and sellers currently being locked within an intense battle<\/a> around the coveted five figure price region.<\/p>\n

Big Cheds, a popular crypto trader, spoke about this movement in a recent tweet, noting that the crypto faced a $350 movement in a matter of five minutes.<\/p>\n

\u201cBitcoin: $350 move in 5 min,\u201d he noted.<\/p><\/blockquote>\n

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$BTC<\/a> #Bitcoin<\/a> $350 move in 5 min pic.twitter.com\/EiacrCNx1i<\/a><\/p>\n

— Cheds (Trading Quotes) (@BigCheds) February 15, 2020<\/a><\/p><\/blockquote>\n