Breaking: Bitcoin crashes below $10,000, loses over 5% in a matter of minutes
|Breaking: Bitcoin crashes below $10,000, loses over 5% in a matter of minutes
The first cryptocurrency has lost over $700 in less than half an hour with no apparent reason. At the time of writing, BTC/USD is changing hands at $9410, down 7% since the start of the day, and still mostly unchanged on a day-to-day basis.
As the fundamental reasons for the sell-off are not readily available, the move might have been triggered by speculations and intensified by technical factors.
Bart Simpson’s pattern is visible on the 1-hour chart. It is characterized by its sudden price increase, followed sideways movement, and a sudden crash. As the theory goes, the pattern is a result of a price manipulation technique implemented by whales or institutional players to to catch out retail traders.
BTC/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.