Bitcoin Tumbles 6% After Hitting Record High as Mounting Sell Orders Cap Price Gains
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Bitcoin (BTC) tumbled about 6% from its new all-time high on Tuesday as heavy selling on crypto exchanges capped the price surge beyond $69,000.
The order book on crypto exchange Binance showed large sell orders clustered at higher price levels, with over 300 BTC, worth about $20 million, to be sold at $69,000 and more than 500 BTC for sale at $70,000.
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The selling pressure posed a significant barrier to bitcoin’s price, sending the crypto lower. After briefly notching an all-time record of $69,208 at 15:04 UTC, BTC tumbled more than $1,000 in a minute and then dropped to as low as $64,700, CoinDesk Bitcoin Index (XBX) data shows.
The pullback sent BTC down 2% over the past 24 hours, underperforming the broad-market CoinDesk 20 Index’s (CD20) 2% advance, which was led by ether (ETH) and solana (SOL).
Edited by Sheldon Reback.
