What Just Happened to Bitcoin Prices on Kraken and Binance US?

Bitcoin prices touched off new highs amid intense volatility on Wednesday. However, US traders on Kraken and Binance US got a shocker, as a flash crash sent the BTC/USD tumbling. The crash saw Bitcoin hit a low of $54,000 on Kraken and $8,200 on Binance US. However, the price quickly spiked back up to the market value, even as the pair sold off on the day due to profit-taking.

Binance US put out a statement on the occurrence, saying it was still trying to establish whether the error was due to a technical problem or a personal operation error. The volume that caused the crash was 592 BTC. As of writing, no statement from Kraken on the event had been received.

Bitcoin prices are down 2.17% as of writing. 

Bitcoin Price Outlook

The BTC/USD pair is trading lower and has violated the 63634 support level. A further decline sends the pair below 60,000, with 59455 and 56032 serving as the immediate downside targets. A further decline targets a recent support zone at 53140/53780.

On the other hand, 66,997 remains the all-time high and is the barrier that rests between the bulls and new highs at 68,860 (127.2% Fibonacci extension). Above this level, we have additional upside targets at 72086 and potentially at 76710.

BTC/USD Daily Chart (Binance US)

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