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It appears that the bulls that have pushed Bitcoin higher lately have momentarily lost strength. Bitcoin prices plunged more than 15%, approaching the $ 17,000 level, after hitting a high of $ 19,580, due to heavy losses as large investors cashed in on some of their Bitcoin holdings.
READ: Why Bitcoin Suddenly Lost $ 1,000
- The cryptocurrency lost $ 2,000 in a matter of hours, falling by around $ 17,000 before climbing back to the $ 17,900 level.
- Considering that most bitcoin wallets are in profit, it’s no surprise that some investors are already cashing in on some of their gains at the end of a turbulent 2020.
- That said, his recent price action shows his bias towards an overbought position.
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At the time of writing, Bitcoin’s price was $ 17,890.84 with a 24-hour trading volume of $ 33,259,413,581.
The head of the blockchain intelligence platform also anticipated the likelihood of Bitcoin going through a correction period as more investors deposit their BTCs on Coinbase.
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“Too many BTC whales on Coinbase. I am still long term bullish, but we may face some corrections or sideways until whales go dormant in spot trading. “
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You should buy it?
Although some Bitcoin whales are more likely to increase their purchases when prices drop to these levels, Nairametrics, expects cautious purchases, as volatility in this rapidly changing market could lead to a significant loss of capital.
However, if things get really bad, Nairametrics believes this could be another chance to buy bitcoin for less than $ 15,000.
READ: $ 66.5 billion worth of Bitcoin lost forever
What you should know
Recall that Nairametrics broke the news exclusively on how a crypto strategist, Ki-Young Ju, recently warned about the high influx of large Bitcoin holders transferring a significant portion of their BTC holdings to a well-known cryptocurrency exchange. , Coinbase, obviously to cash out, amid the bullish trend currently at play.
