Bitcoin Price After the Extreme Drop

Overnight, Bitcoin’s (BTC) price experienced a violent rejection. This resulted in the price collapsing to the lower boundary of an ascending channel it has built during the past few weeks. Also, this rejection has changed the overall market sentiment and led many previously euphoric bills to grow increasingly bearish.

Furthermore, it is essential to remember that the strength of this latest selloff might lead to trouble for Bitcoin. The non-figure volume in a single 10-minute candle drove the BTC price. And this suggests that bears have underlying strength in spite of their recent weakness.

In addition to that, the most famous cryptocurrency is trading below 3% at its recent price of $8,660. This marks a notable fall from its daily highs of $9,200, set at the peak of yesterday’s rally.

Then, after tapping $9,200, Bitcoin’s uptrend started to give signs of stumbling. It began to trail lower until it reached $9,100, which is around the time which bears roared and delivered the crypto reeling to $8,600.

Aside from that, the selloff happened in the short span of ten minutes, driven by the arrival of over $100 million in trading volume over a short time.

Bitcoin options and futures platform Deribit tweeted, “$101,747,000 in a single 10-minute candle. A lot of volume on or first volatility spike of the year!”

Due to the sheer size of selling pressure, it seems like BTC’s bears might be stronger than they are thought to be.

Possible Massive Losses

Moreover, a famous crypto analyst on Twitter, Teddy, stated in a tweet that Bitcoin is recently swaying around the lower boundary of an ascending channel. This has been caught within for the past few weeks. Yesterday’s selloff marks a rejection at the channel’s upper boundary.

He says, “#BITCOIN $BTC Shorts didn’t fill, as they were spread on and above the resistance level – Have some SCALP long bids on dotted for a potential retest of the channel’s support as resistance – below it the bias of the structure would not look bullish, at all.”

There is still a chance that BTC’s bulls will lose the latest strength and fail to hold Bitcoin over its current price levels. And if this will happen, it will mark a major change in the cryptocurrency’s market structure, hinting further losses being imminent.

Peter Schiff Losing His BTC

Meanwhile, on January 19, famous crypto skeptic and gold bug Peter Schiff tweeted that he lost access to his Bitcoin wallet. He claims that his password is no longer valid.

Schiff also said that his BTC is now intrinsically worthless and has no market value. He stated, “I knew owning Bitcoin was a bad idea, I just never realized it was this bad.”

After his tweet, the crypto community was fast to jump to the rescue. For instance, co-founder and partner at Morgan Creek Digital Anthony Pompliano responded by asking if he forgot his password. Then, Schiff replied, “My wallet forgot my password.”

After that, Pompliano asked Schiff to email him directly, “The software just executes the commands that humans give it. It can’t forget anything. Email me and I’ll try to help you recover the lost Bitcoin.”

Schiff answered this by saying that Eric Voorhees set up the wallet for him. And he said that there is nothing the crypto skeptic could do. However, he openly welcomes Pompliano to try if he has some ideas.