Wednesday, May 18, 2022

Why Bitcoin price just flash crashed 6% after rejecting at $18.5K By Cointelegraph

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Why Bitcoin price just flash crashed 6% after rejecting at $18.5K

The price of (BTC) dropped sharply after approaching $18,500 on Binance and Coinbase. The plunge took place as large sell orders were spotted on both spot and futures exchanges.

15 minute chart. Source: TradingView.com

As Cointelegraph previously reported, traders anticipated a pullback as the price of BTC neared the $18,000 to $19,000 resistance zone. Upon its first retest of the area in nearly three years, the market saw a strong reaction.

The weekly price chart of Bitcoin. Source: Bloomberg, Dan Tapiero