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Bitcoin price drops 5% after key resistance at $ 9,900 is declined

May 20, 2020

In the last hour The price of Bitcoin (BTC) dropped suddenly by 4.9% from $ 9,800 to $ 9,324. The sharp correction came after the high-level digital asset on CoinMarketCap hadn’t crossed the resistance zone of $ 9,900 to $ 10,000.

At the time of printing Traders seem to see withdrawal as a buying opportunity, possibly due to the surge in bullish sentiment caused by yesterday’s gold cross between the 50 and 200 day moving averages.

Bitcoin price drops 5% after key resistance at $ 9,900 is declined
Bitcoin price drops 5% after key resistance at $ 9,900 is declined

Weekly price chart for the crypto market. Source: Coin360

Interestingly, before the 5% correction, Crypto-Twitter was full of discussions about it the transaction of 50 Bitcoin, which has not been postponed by wallet addresses since 2009. Some traders speculated that the coins could come from the creator of Bitcoin, Satoshi Nakamoto.

Bitcoin: Exits with a useful life of> 10 years. Source: glass knot

Blockchain analysis provider Glassnode has published the table above and said::

A #Bitcoin UTXO over 11 years has just been issued for the chain! It dates from February 9, 2009, just a month after Bitcoin was founded.

View of unspent Bitcoin since 2009. Source: Twitter, Antoine Le Calvez

According to cryptocurrency trader Antoine Le Calvez, the today’s cost It was “the first time since August 2017 that someone has issued coins since the beginning of 2009.”

BTC / USDT pair daily chart. Source: TradingView

As shown in the daily chart, The decline in bitcoin due to the rising wedge pattern led to proven support at $ 9,400. The price also remains above the 20-day moving average, but the rising wedge trend line can now act as a resistance level.

The trendline is also targeting a high volume node in the VPVR from $ 9,627 to $ 9,767. Investors looking to buy fall could wait for a 4 hour candle to see if the price hits higher lows.

Bitcoin daily price chart. Source: Coin360

Many of the top 10 alternative currencies were also heavily revised when the price of Bitcoin fell. Ether (ETH) lost 4.95% and Chainlink (LINK) fell 5.79%, but recovered 3.35% to trade at USD 4.03. Tezos (XTZ) also declined 6.28%, but was trading at $ 2.80 at press time after rising 3.16%.

According to CoinMarketCap, the total capitalization of the cryptocurrency market is now $ 261.9 billion and Bitcoin’s dominance rate is 66.8%.

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