Bitcoin’s price just fluctuated over $1,000 in less than an hour…

Price recovery hits massive sell-off at around $6,500…

The price of Bitcoin has just oscillated wildly in a very short period of time between 2-3pm on Monday afternoon. The compressed interlude of action, on an otherwise almost dead-calm day, saw its price dip as low at $5,537  before recovering to a healthy high of $6,665.

The price of Bitcoin (BTC) between 2-3pm UK time, 3rd July 2018

The decline appears to have been triggered by profit taking at around the $6,500 mark – singled out as a significant point of resistance to any price recovery by FXStreet this morning.

The few minutes either side of the drop at 2.28pm, saw a significant boost in volume – that led to nearly 20,000BTC changing hands in during the hour. Presumably, the drop was initiated by the profit taking and then snowballed as Stop Losses kicked in and created a cascade of sells, before support came in and order began triggering below $5,600. Another sell-off then began just above the $6,200 mark, before the recovery accelerated way back into the blue… and more steady trading edged it to today’s high.

It all added up to an exciting aside to a low-volume day – providing, of course you weren’t one of the people getting their trades trashed by the blip. If you were, better luck next time… 

At the time of writing, according to CryptoCompare, BTC is at $6,623 – up 5.3% over the last 24hrs.