Bitcoin Tumbles 6% After Hitting Record High as Mounting Sell Orders Cap Price Gains

Bitcoin {{BTC}} tumbled about 6% from its new all-time high on Tuesday as heavy selling on crypto exchanges capped the price surge beyond $69,000.

The order book on crypto exchange Binance showed large sell orders clustered at higher price levels, with over 300 BTC, worth about $20 million, to be sold at $69,000 and more than 500 BTC for sale at $70,000.

The selling pressure posed a significant barrier to bitcoin’s price, sending the crypto lower. After briefly notching an all-time record of $69,208 at 15:04 UTC, BTC tumbled more than $1,000 in a minute and then dropped to as low as $64,700, CoinDesk Bitcoin Index (XBX) data shows.

Read more: Bitcoin Soars to New All-Time High Above $69K

The pullback sent BTC down 2% over the past 24 hours, underperforming the broad-market CoinDesk 20 Index's (CD20) 2% advance, which was led by ether {{ETH}} and solana {{SOL}}.