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Coinbase blow to Bitcoin (BTC): Panic Selling Has Arrived!
The crash of the site of Coinbase, the largest crypto exchange in the USA, created sales pressure in #Bitcoin (BTC).
The Coinbase development that took place in the morning destroyed the cryptocurrency market. The crash of Coinbase's official site caused a decline in Bitcoin. BTC, which changed hands at $62,765, dropped to $61,383 in just a few minutes, suffering a total loss of 2.20 percent. Especially the admiral of cryptocurrencies, which caused huge declines in the altcoin market, naturally created panic in investors.
Bitcoin, which has been priced with market news for a while, did not surprise this time either. The leader of cryptocurrencies, which started to see heavy sales after the collapse of the Coinbase site, managed to jump to $ 62,000. BTC, which is currently traded at an intermediate price, can test $62,757 - $64,318 - $65,452 and $67,107, respectively, if the news flow turns positive or interest in spot BTC ETFs increases.
Experiencing large outflows from spot #BTC ETFs, continuation of fud news (negative agenda flow) or failure to start the halving enthusiasm will push Bitcoin to decline. In such a scenario, it can retreat to $60,613 – $59,075 – $57,353 and $56,550 respectively. For #BTC , especially the range of $ 57,353 - $ 56,550 will be decisive. If this zone is lost, larger declines may be triggered.
News flow will have a critical role in BTC's price movements in this process. A positive news flow can give confidence to the sector and strengthen the hands of buyers. The opposite scenario will lead to an increase in sell-side transactions.
