As has been a familiar trend during the upswing over the past six weeks, a wave of sell orders was likely sitting close to a round number. When bitcoin approached $38,000, the sell orders took over, sending the price lower. That, in turn, triggered liquidations of leveraged long positions, sending the price hurtling further downward.
Most cryptocurrencies followed bitcoin lower during the day, with ether (ETH) dropping 4% over the past 24 hours to $1,960. Solana's (SOL) and Chainlink's native token (LINK) declined 6% and 9%, respectively.
Spot bitcoin ETF delay slows momentum
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