Here’s What Caused Bitcoin’s Flash Crash To $29,000

NewsBTC
NewsBTC

30 Jun 2023 11:00 PM

Bitcoin had been trending over $31,000 for the better part of Friday after reclaiming this support level from the bears. However, this did not last long...

  • Bitcoin experienced a flash crash after briefly trending above $31,000, falling towards the $29,000 level.
  • The United States Securities and Exchange Commission (SEC) deemed recent Bitcoin ETF filings inadequate, negatively impacting investor sentiment.
  • The decline in Bitcoin's price has pushed it below its 5-day moving average, potentially signaling a bearish trend in the short term.
  • However, Bitcoin remains bullish in the mid and long-term, with support above its 50-day and 100-day moving averages.
  • Despite the current struggle, there is still significant demand for Bitcoin, with a trading volume above $23.5 billion.

The sentiment in the article is mostly negative, highlighting the flash crash, inadequate ETF filings, and the struggle to maintain support at $30,000. However, it also mentions the bullish outlook in the mid and long-term.

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You May Ask

What caused the flash crash in Bitcoin's price?How did the SEC's assessment of ETF filings impact investor sentiment?What are the short-term implications of Bitcoin falling below its 5-day moving average?What factors indicate a bullish outlook for Bitcoin in the mid and long-term?What is the current trading volume and demand for Bitcoin?

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