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bitcoin
Bitcoin (BTC) $ 95,367.55 0.81%
ethereum
Ethereum (ETH) $ 3,292.71 0.99%
tether
Tether (USDT) $ 1.00 0.06%
xrp
XRP (XRP) $ 2.17 2.27%
bnb
BNB (BNB) $ 662.04 0.78%
solana
Solana (SOL) $ 181.46 0.88%
dogecoin
Dogecoin (DOGE) $ 0.311725 0.27%
usd-coin
USDC (USDC) $ 1.00 0.21%
staked-ether
Lido Staked Ether (STETH) $ 3,289.33 0.94%
cardano
Cardano (ADA) $ 0.881955 0.72%

Bitcoin Price Drops to $3,637, Rebounds Above $5,200 Within Minutes

Within the last hour Bitcoin price dropped below $4,000 after abruptly plummeting 11.24% to a new yearly low at $3,782. The sharp downside move seems short lived as the price quickly rebounded to $5,260.

BTC USDT 1-hour chart. Source: TradingView

On the 1-hour timeframe traders will notice that a strong oversold bounce took place after the relative strength index dipped to 8.45, a low not seen since November 23, 2018. 

For the time being, traders will closely watch to see if the current oversold bounce leads to a more sustained uptick in purchasing volume and some have taken to crypto-Twitter with speculations that the drop below $4,000 may have liquidated the majority of the Bitcoin-backed loans offered by decentralized finance platforms. 

BTC USDT daily chart. Source: TradingView

As mentioned in an earlier market analysis, Bitcoin price was expected to bounce right off the high volume node of the volume profile visible range extending from $4,030 to $3,637 and this is exactly what happened. 

Bitcoin daily price chart. Source: Coin360

The overall cryptocurrency market cap now stands at $141.1 billion and Bitcoin’s dominance rate is 65.1%.

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