Bitcoin has been trading higher this morning, but things took a dramatic, mysterious turn in the early afternoon. Gains were erased, and the coin plunged below $41,000 to trade around 10% lower on the day. Part of the move has been erased already, with BITCOIN attempting to climb back above $42,000 mark at press time.
Interestingly, the drop was not accompanied by any crypto-related news. Spot Bitcoin ETF is a hot story on the cryptocurrency market right now, with SEC decision being expected as soon as this week. A plunge, therefore, could be driven by insiders, who know the decision already. Nevertheless, this is only a speculation and the move lower could be driven by profit taking, following the recent rally, with the magnitude of the move lower triggering stop losses and adding to pressure.
Source: xStation5
Daily Summary: Technology Drives Wall Street to Record Highs Despite Tensions in the Persian Gulf
Morning Wrap: US–Iran Peace Talks in the Shadow of Trump’s Ultimatum
Technical analysis: Bitcoin gains and approaches important resistance zone
Crypto news 📈 Bitcoin rebounds approaching $80k level
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.
