🔥Bitcoin Reverses Gains as Bears Eye Breakdown of Major Support Level🔥
Bitcoin’s price fell 4% to $3,596.96, where it was approaching an important long-term support. That level is located at $3,550. A successful penetration south by the bears could set the stage for a bigger drop toward new yearly lows. As a refresher, bitcoin bottomed near $3,100 last month before rebounding more than 30%.
The bulk of the selloff on Sunday occurred over the span of one hour beginning around 06:30 UTC. Trading volumes have remained elevated throughout the session, with roughly $5.4 billion worth of BTC trading hands on virtual currency exchanges.
Great post. Thanks for sharing. I would question here, since volume has remained elevated and price has dropped, its indicative of selling. Big question is if the money is flowing out of BTC and into Alts? I wonder if there has been an significant increase in a top 50 alt within the same time period of this selloff (today/Sunday)?