Fakeout: Crypto Market Pulls Back Sharply as Bitcoin (BTC) Drops to $3,800
The crypto market has dropped-off in Sunday trading on a sudden reversal to end an exceptionally bullish week.
Now, despite surging to a new 2019 high on Saturday, Bitcoin (BTC) has dropped over 7% to just above $3,800. Interestingly, this price action all occurred over the course of two hours, with the majority of losses coming in the first 30 minutes.
For the time being, it looks as if $3,800 could act as support for the market’s largest cryptocurrency.
The pull-back has affected the entire market, dragging multiple altcoins down over 10%. The AltDex 100 Index (ALT100), a benchmark index for the 100-largest coins and tokens not including stablecoins, is currently down 8.9% on the day.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.