The broad cryptocurrency market is experiencing an insane bloodbath as prices of leading cryptocurrencies suddenly flip negative. Amid this sharp downtrend, Bitcoin has seen an aggressive increase in sell activities on August 14, according to data shared by a CryptoQuant analyst.
Per the data provided, Bitcoin’s taker sell volume across crypto exchanges has surged significantly, hitting a massive $3.13 billion in just one hour.
Bitcoin falls below $118,000
Although the reason behind the sudden flip in market sentiment remains unclear, the dramatic price downturn has shaken market confidence as momentum appears to be broken.
While Bitcoin had started the day on a positive note with its price showing notable daily gains, the sudden shift in market sentiment has seen traders dramatically open streaks of sell orders.
Following the sudden flip in price action, Bitcoin saw its price fall as low as $117,698 after recording a notable intraday high of $124,210 on the same day.
The significant drop in Bitcoin’s price over the last few hours coincides with Bitcoin’s taker volume exploding to multiple billions in minutes. The rapid shift in activity is unusual, as sudden surges in sell activities like this have been rarely recorded in Bitcoin’s trading history.
Although the reason behind the sudden flip in market sentiment remains unclear, the dramatic price downturn has shaken market confidence as momentum appears to be broken.
Amid the notable Bitcoin sell-side pressure, the leading cryptocurrency by market capitalization has seen its trading volume surge notably by 29.61% over the last 24 hours. This suggests that the market has been dominated by retail and institutional sellers.
Notably, the downtrend in Bitcoin’s price is currently on pause as data from CoinMarketCap shows that it has remained steady around $117,968 for the past few hours until press time. Meanwhile, Bitcoin showed a price decline of 3.06% over the last day.
While the surge in Bitcoin’s sell volume was preceded by a notable price rally that saw the asset record massive intraday gains in the past days, the attempts to sell off Bitcoin holdings experienced today suggest traders are taking decisive actions to lock in profits achieved during the recent market rally.
Nonetheless, market watchers have expressed optimism for a potential rebound in the prices of leading cryptocurrencies like Bitcoin, Ethereum, and other altcoins. However, investors fear that the asset’s price might plunge harder if the ongoing selling pressure continues to outweigh demand for BTC, delaying the possibility of a new all-time high soon.