After hitting a new record high of $19,832.27 earlier today, Bitcoin (BTC) turned extremely volatile. The numero uno cryptocurrency faced intense selling pressure and in a matter of one hour lost about 2% to trade at $18,338.09.
At the time of writing this article, Bitcoin was trading at $18,712.83, reflecting a loss of 1.5% in the last 24 hours.
Data provided by Trading View and Coingecko indicated that BTC/USD is going through extreme volatility, making it highly difficult to forecast the trend.
Before, the selloff began, Bitcoin (BTC) tried to break above the level of $20,000, but got rejected near the psychological level to lose over $1,000 in a matter of less than 10 minutes and fall below $19,000.
Bitcoin’s price movement was almost similar to the one exhibited last week. At that time, Bitcoin attempted to break $19,500, but did not succeed.
With this decline, traders will begin monitoring the latest gap (between $16,900 and $18,300) in Bitcoin futures market. The gap may get filled, if the retracement continues.
In the meantime, Bitcoin’s volatility had a ripple effect on altcoins, with Ether (ETH) sharply declining below $600 to trade near $591.11, reflecting a loss of 1.6% in 24 hours, at the time of writing this article. The price reversal has caused a slight dent in the enthusiasm about the roll out of Ethereum 2.0, the next version of Ethereum protocol.
