Bitcoin wipes nearly a week of gains in 20 minutes, falling under $41K

The price of Bitcoin (BTC) briefly fell below $41,000 following a sudden 6.5% drawdown from $43,357 to as low as $40,659 in just 20 minutes at 2:15am on Dec. 11 (UTC). 

At the time of publication, Bitcoin was trading slightly up from the local low at $41,960 per TradingView data. 

According to data from CoinGlass the brief drop caused more than $271 million worth of long positions to be liquidated. 

Ether (ETH), the second-largest cryptocurrency by market cap, also witnessed an abrupt decline, falling more than 8.9% in the same time frame. The price of ETH has since stabilized and is trading for $2,233, down 5.3% on the day. 

Bitcoin had just closed its 8th green weekly candle, according to an X post from Wolf of All Street’s Scott Melker, who questioned when a correction was coming, seemingly minutes before it took place.

#Bitcoin just closed it’s 8th green weekly candle in a row.

This week’s candle was a monster.

When correction, sir? pic.twitter.com/xxWjTxxLLr

— The Wolf Of All Streets (@scottmelker) December 11, 2023

This is a developing story, and further information will be added as it becomes available.