Breaking: Bitcoin slides below $10,700 after a violent crash

BTC/USD just suffered a major blow crashing below $11,000 and currently trading at $10,770.
It's unclear at this point what caused the dump but it's certainly not good news for the bulls.

Lorenzo Stroe Independent Analyst

This recent dump is hinting at a new weekly higher low compared to $8,833. For now, bulls have been able to defend the weekly 12-EMA at $10,598 and could still bounce back up in the long-term. One theory says that Bitcoin miners are ready to sell their coins and are in fact selling them already, possibly causing the recent selling pressure. According to ByteTree, Bitcoin miners sold 63% more coins than what they have generated in the same period of time.

BTC/USD 15-minute chart

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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