Bitcoin (BTC) drops nearly $2000 in 10 minutes

26 Jun, 2019
by David Robb
Bitcoin
Bitcoin (BTC) drops nearly $2000 in 10 minutes

After soaring towards the $14k mark earlier today, Bitcoin subsequently saw a major pullback. The top crypto plunged below $12,000 in less than 10 minutes, before gradually rising again.

Even by the standard of recent price action, the past 24 hours have been a wild ride for Bitcoin. At one point, BTC was up by over 20 percent for the 24h period, before the incredibly rapid pullback of over 15 percent. The price has since gone back up by around $700, to a level that it was at around 10 hours ago.

BTCUSD chart by TradingView

Although most analysts and traders are now very bullish on Bitcoin and see a new all-time high price being reached before the end of the year, if not sooner, many have predicted a major retracement at some point before it gets there. The last bull run saw pullbacks of as much as 30 percent before BTC eventually hit its peak just under $20,000.

This most recent retracement could just be a temporary blip, or perhaps a new short-term downtrend. After $11,400 was breached, many traders predicted that $14,000 would be the last major resistance before a rally past the previous ATH, and this forecast appears to have been accurate so far.  

So, will this BTC dip be bought up relatively soon? Or are we looking at some lower price levels before we start moving upwards?

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