Cryptocurrency
Bitcoin Plunges Following Failed Breakout; Miner Selling Pressure Ramps Up
As reported on NewsBTC, “Bitcoin has been caught in the throes of some immense turbulence throughout the past few days. “This volatility has primarily favored sellers, and today’s price action has only further enhanced the notion that further downside may be imminent for the benchmark cryptocurrency. “Following a speech from the Federal Reserve Chairman earlier […]
As reported on NewsBTC, “Bitcoin has been caught in the throes of some immense turbulence throughout the past few days.
“This volatility has primarily favored sellers, and today’s price action has only further enhanced the notion that further downside may be imminent for the benchmark cryptocurrency.
“Following a speech from the Federal Reserve Chairman earlier today regarding the US Dollar’s inflation, Bitcoin and most other macro assets rallied higher, with BTC surging from lows of $11,200 to highs of $11,600.
“This movement was short-lived, however, as the rejection it posted at $11,600 caused it to see a rapid decline back towards its recent lows.
“This has resulted in the cryptocurrency flashing some intense signs of technical weakness, with one analyst now noting that a movement towards $10,500 is imminent in the coming few days.
“Any potential downtrend in the near-term may be further bolstered by heightened selling pressure from miners. Data suggests that miners are beginning to move Bitcoin into exchanges at a rapid pace…”