TRENDING:
US midterms
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

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.
Breaking: Bitcoin slides below $10,700 after a violent crash
Lorenzo StroeLorenzo StroeIndependent 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

BTCUSD

Author

Lorenzo Stroe

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.

More from Lorenzo Stroe
Share:

Editor's Picks

Bitcoin braces for US midterm elections as historical sell-offs revive downside concerns

Bitcoin braces for US midterm elections as historical sell-offs revive downside concerns

Bitcoin (BTC) braces for the impact of the US midterm elections, just a week after the $6 billion hack from Binance. Historically, congressional elections have negatively affected not just the president’s party but also Bitcoin.

Bitcoin slips below $78,000 amid ETF outflows

Bitcoin slips below $78,000 amid ETF outflows

Bitcoin (BTC) slips below $78,000 at the time of writing on Monday after posting its fourth straight weekly loss. Institutional demand shows signs of weakening, with spot Exchange Traded Funds (ETFs) recording outflows of over $202 million last week.

Crypto Today: Bitcoin, Ethereum and XRP consolidate amid weak market sentiment

Crypto Today: Bitcoin, Ethereum and XRP consolidate amid weak market sentiment

Bitcoin hovers above $78,000, building on the 100-day EMA support as market sentiment remains weak. Ethereum shows signs of recovery near $2,300, though upside remains technically capped.

Pi Network tests long-term resistance breakout as selling pressure wanes

Pi Network tests long-term resistance breakout as selling pressure wanes

Pi Network edges higher on Monday, testing the bullish breakout of a long-term resistance trendline. Fear and Greed Index declines to 36 from 43 last week, indicating reduced risk appetite.

Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.