Bitcoin saw an incredibly sharp selloff this morning after previously being caught within a firm bout of sideways trading around $10,300. This latest selloff sent BTC reeling below the key $10,000 price region, marking the first break below this level since last Monday.<\/p>\n
This violent downwards movement sent the crypto plunging to lows of $9,700 on major trading platforms like BitMEX, with the visit to this level allowing the crypto to find some support that has led it back up towards $10,000.<\/p>\n
Analysts are now noting that this movement also marked a break below a key technical formation that it had been caught within, which could suggest that it will cut deeper before it finds any notable support.<\/p>\n
At the time of writing Bitcoin<\/a> is trading down nearly 4% at its current price<\/a> of $9,950, which marks a notable bounce from its intra-drop lows of $9,750 that were set at the bottom of this selloff.<\/p>\n It is important to note that bull\u2019s reaction to this movement has been intense, with buyers and sellers currently being locked within an intense battle<\/a> around the coveted five figure price region.<\/p>\n Big Cheds, a popular crypto trader, spoke about this movement in a recent tweet, noting that the crypto faced a $350 movement in a matter of five minutes.<\/p>\n \u201cBitcoin: $350 move in 5 min,\u201d he noted.<\/p><\/blockquote>\n $BTC<\/a> #Bitcoin<\/a> $350 move in 5 min pic.twitter.com\/EiacrCNx1i<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) February 15, 2020<\/a><\/p><\/blockquote>\n\n