The Bitcoin rate (BTC) has dropped over six percent in the last 24 hours. Is a US auction to blame and is now a good time to buy?

In the evenings of February 19, the cryptocurrency exchange rate suddenly dropped almost $ 400. Almost the entire market is affected by the price slump. The trigger could be an auction in the United States.

Bitcoin price below $ 10,000

The Bitcoin price shows it again: volatility has the crypto market under control again. At around 10:30 p.m. on February 19, the top crypto stag took a ride south and initially settled in the $ 9,600 range. Since then, however, there appear to have been no further significant sales. The Bitcoin price is currently trading at $ 9,625.

The bears briefly put the bulls in their place. The targeted $ 300 billion mark for total market cap could not be reached due to the price drop at Bitcoin & Co. As we explained earlier, the bull camp would need to push the crypto market cap above the $ 61 Fibonacci retracement level at $ 303 billion to trigger a long-term rally. The total market capitalization is currently at $ 279.9 billion.

Does a US auction trigger Bitcoin price sales?

The trading community is trading, among other things, a Bitcoin auction by the US authorities as a trigger for the current price slump on the crypto market. At the auction in question, the US Marshals Service auctioned a total of 4,040.5 seized Bitcoin units. They come from federal crimes and other judicial proceedings. The authority divided the BTC into blocks of 50, 100 and 500 pieces. The last block contained the remaining 40.4 BTC. What is striking here is actually that the auction had taken place shortly before the Bitcoin price got its current kink.

Bitcoin price drops - what should I do now?

The Bitcoin price, like the entire crypto market, is known for its volatility. Short-term price drops like this should not be a cause for concern. It is important to keep a cool head and to be aware of your trading strategy.

I believe that this slump is just another good buying possibility, especially BEFORE the halving in May.

It is just because every time the United States hosts such an auction, they get the market to smear and depress a few hundred points. In case you also think that now is a good time to buy I recommend Coinbase to buy and manage your Bitcoins (BTC).

I hope I could provide you with some useful information.

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Please let us know what you think, is now a good time to buy?