(5/11, Tue) btc fell -4.1% following Nasdaq's sharp falling
Yesterday(5/10 00:00 - 24:00, UTC+0), bitcoin price recorded its starting as $58299, its lowest as $53849, its highest as $59806, its closing as $55913. Bitcoin started rising from the previous day after the start of new week and reached a peak at 04:00, then began to decline and fell to $57,000 at 14:45, then rebounded back to $58700 and then fell again. It fell to the low at 20:00 followed by a large selling volume, and then rebounded, closing -4.1% down.
Breaking below 100MA on the 4-hour chart, breaking below 50MA on the daily chart, and increasing trading volume can all be seen as bad signs. The cause of the decline can be seen as yesterday's Nasdaq index plunging -2.5% and bitcoin following the Nasdaq chart as it was. Ethereum and other altcoins, which rose significantly, also fell along with the decline of Bitcoin.
Yesterday, from 19:48 to 20:04, we can see that Bitcoin plunged -4.4% and Ethereum plunged -10.6% for 16 minutes. It can be understood this move is driven by a strategy that accelerates the decline and maximizes profits by crypto futures short sellers.
In the past, when bitcoin remained below $10,000, this movement was frequently happened, and bitcoin moved sideways or fell further for a considerable period after that. However, since October last year, it has often seen a rebound within a few days after such a move came out. As yesterday's decline was caused by the financial market rather than the cryptocurrency market, it is expected to rebound in the near future unless additional negative news come out.