Bitcoin takes a spill as cryptocurrencies sink

Technical Analysis

Author: Adam Button | bitcoin

Bitcoin down 6%

Bitcoin was steady on the day until a wave of selling hit in the past 30 minutes.

The sudden, $500 drop sent Bitcoin to the lowest since Feb 26. That low is now being tested so watch for more stops.

The daily chart:

One of the things that's been dragging on Bitcoin is the revelation that attorney Nobuaki Kobayashi has been liquidating the Mt. Gox horde of Bitcoin and Bitcoin Cash. He's liquidated about $400 million but still has $1.8 billion worth left. That will all need to be sold into yen before it's returned to creditors.

Update: Another $200 lower in the past few minutes.

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