3 reasons Bitcoin suddenly dropped 3% in 1 hour and recovered By Cointelegraph

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3 reasons Bitcoin suddenly dropped 3% in 1 hour and recovered

Published Oct 25, 2020 07:42AM ET Updated Oct 25, 2020 09:20AM ET

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3 reasons Bitcoin suddenly dropped 3% in 1 hour and recovered

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Three factors likely triggered a quick decline in the price of Bitcoin (BTC) on Oct. 25. First, traders pinpoint the $13,300 to $13,500 area as a major resistance range. Second, futures and options markets are neutralizing. Third, weekend trading is seemingly amplifying volatility.

Before the sudden price drop occurred, BTC soared from $13,127 to $13,350. The dominant cryptocurrency rallied swiftly to an area of interest for sellers as more miners moved BTC to exchanges.

2-hour price chart of Bitcoin with key support levels. Source: TradingView, Michael van de Poppe

Bitcoin Fear & Greed Index. Source: Alternative.me

Weekly price chart of Bitcoin. Source: TradingView.com

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US 30	33,677.2	-85.6	-0.25%
US 500	4,293.9	+11.5	+0.27%
Dow Jones	33,676.80	-85.96	-0.25%
S&P 500	4,293.90	+11.53	+0.27%
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S&P 500 VIX	14.86	+0.26	+1.78%
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Gold	1,974.45	+4.85	+0.25%
Silver	23.633	-0.114	-0.48%
Copper	3.7657	+0.0382	+1.02%
US Soybeans	1,348.00	-5.00	-0.37%

U.S. 10Y	3.700	+0.016	+0.44%
U.S. 30Y	3.896	+0.022	+0.58%
U.S. 5Y	3.854	+0.012	+0.32%
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US 10Y T-Note	113.75	-0.09	-0.08%
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Amazon.com	125.03	+0.78	+0.63%
Netflix	411.83	+11.36	+2.84%
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3 reasons Bitcoin suddenly dropped 3% in 1 hour and recovered

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