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After surging month after month, the Bitcoin sell-off finally seems to have started today as the price of the biggest cryptocurrency crashed more than 15% all in a matter of hours.
This flash crash saw the Bitcoin price dumping from the $19,440 price highs to as low as $16,138 before recovering a little back to the $17k region. This price dump points to a building bearish pressure entering the Bitcoin market at this point in time as Bitcoin price continues to struggle to break through the $19k price region.
In this Bitcoin analysis, we will be taking a closer look at this current price dump, while pointing out key levels to keep an eye on in the coming days.
Bitcoin Price Dump. Is This A Signal To Sell?
While there is a very high probability for us to see this Bitcoin sell-off to intensify in the coming days, the first support level that must be broken for this to happen is the $15,752 support region.
This price region has served as a minor support and resistance region in the past, and there is a very high probability that the Bitcoin price might find it a little bit difficult to break through it in the coming days.
If the Bitcoin price fails to break this support, then we might see the Bitcoin bulls return and push the price back up in the coming days. However, if the $15,752 support gives way, then we might see a deeper retracement in the coming days.
Rising Bearish Volume
One of the key indicators pointing to more bearish pressure in the Bitcoin price in the coming days is the volume indicator. We are currently seeing the bearish volume steadily increase on Bitcoin.
This paints a clear picture of how crypto traders are currently seeing the overextended bullish move that has been occurring on Bitcoin up till now.
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