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Bitcoin price drops to a 2-week low after a massive sell-off triggered a $ 800 correction

June 11, 2020

The price of Bitcoin (BTC) dropped to a two-week low today as the price move below $ 10,000 gave way to further bearish behavior.

Daily overview of the cryptocurrency market. Source: Coin360

Daily summary of the cryptocurrency market. Source: Coin360

The BTC price drops 8% and tests $ 9,000

Bitcoin price drops to a 2-week low after a massive sell-off triggered a $ 800 correctionBitcoin price drops to a 2-week low after a massive sell-off triggered a $ 800 correction

Cointelegraph Markets and CoinMarketCap data showed that eThe BTC / USD pair fell during the trading session on Thursday as it dropped from the USD 9,500 support.

After hovering around the $ 9,500 mark, Bitcoin dropped $ 800 within a few hours to reach a low level that has not been reached since May 28.

Bitcoin 1-day chart. Source: CoinMarketCap

Bitcoin 1-day chart. Source: CoinMarketCap

The move comes after warnings from analysts about the downturn in the market, including Cointelegraph employee filbfilb, who warned among those who warned that the $ 10,000 would continue to evade the largest cryptocurrency.

Filbiflb also found that institutional investors felt less secure under current market conditions.

At the time of going to press, there were lows of $ 9,070 before a modest recovery raised the price above $ 9,300.

According to the on-chain data provider CryptoQuantIt seems that the dynamics of stock market selling has increased to increase downward pressure.

“The All Exchanges Reserve indicates increased selling pressure as 7,073 BTC flowed to the exchanges within 8 hours.”CEO Ki Young Ju said Cointelegraph in private comments.

Previously, Cointelegraph published a summary of why the BTC / USD pair still didn’t establish USD 10,000 as a new pricing approach.

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