Overnight Bitcoin (BTC) faced a violent rejection that caused its price to plummet to the lower boundary of an ascending channel it has established over the past several weeks. This rejection has shifted the overall market sentiment and has led many previously euphoric bulls to grow increasingly bearish.<\/p>\n
It is important to note that the strength of this latest selloff may spell trouble for Bitcoin, as it was driven by nine-figure volume in a single 10-minute candle, suggesting that bears have underlying strength in spite of their recent weakness.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down 3% at its current price<\/a> of $8,660, which marks a notable decline from its daily highs of $9,200 that were set at the peak of last night\u2019s rally.<\/p>\n After tapping $9,200 BTC\u2019s uptrend began to show signs of faltering, as it began to trail lower until it touched $9,100, which is around the time at which bears roared and sent the crypto reeling to $8,600.<\/p>\n This selloff occurred in the span of ten minutes and was driven by an influx of over $100 million in trading volume during this short period of time.<\/p>\n \u201c$101,747,000 in a single 10-minute candle. A lot of volume on our first volatility spike of the year!\u201d Bitcoin options and futures platform Deribit noted in a tweet.<\/p><\/blockquote>\n $101,747,000 in a single 10-minute candle. A lot of volume on our first volatility spike of the year! pic.twitter.com\/7XM3kwhWV8<\/a><\/p>\n — Deribit (@DeribitExchange) January 19, 2020<\/a><\/p><\/blockquote>\n\n