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The world’s flagship cryptocurrency lost over $ 1,000 in less than 24 hours due to the bullish trend unfolding in the world’s most valuable crypto market.
What we know: At the time of this report’s presentation, Bitcoin’s price was trading at $ 17,553.85 with a daily trading volume of $ 33,082,220,004. The price of BTC has dropped -2.3% in the past 24 hours. It was trading above $ 18,560 on Wednesday morning.
READ: Why Bitcoin will continue to drop
The main reason why the most valuable cryptocurrency appears to drop close to $ 18,500 remains the bias that the strongest resistance level before a new all-time high is $ 18,500. So, amid increasing selling pressure, sellers as breaching the $ 18,500 price level would increase the chances for a larger rally.
READ: $ 268 million worth of Bitcoin transported by an unknown identity
- 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.
READ: Crypto-rich entity moves Bitcoin worth over $ 100 million
What they are saying
Willy Woo, former partner of Adaptive Capital, a respected Bitcoin analyst in crypto-verse, has provided key insights into what may be making Crypto bulls suffer from exhaustion as it approaches the $ 17,000 mark.
Woo said, “The spike in coin buying shouldn’t be underestimated; is the largest peak in the 5-year chart below. Overall BTC remains bullish, however, the price needs to stabilize.
READ: Citibank: Bitcoin could skyrocket by $ 300,000 in 2021
“That said, during this pumping, the volume of coins collected from exchanges by buyers was unprecedented. This price change was entirely organic, fueled by significant demand from buyers rather than the usual action driven by the buyers. derivatives trading trader. I haven’t seen an organic pomp on this scale in years. “
Meanwhile, BTC Supply in Loss (1d MA) just hit a 2-year low of 328,763,223. BTC’s previous 2-year low of 329,239,896 BTC was observed on November 6, 2020.
READ: Ripple Whale transfers 20,000,000 of XRP to Binance
What to expect
Taking into consideration the growing buying pressure of the world’s most valuable cryptocurrency, Nairametrics’ view on Bitcoin remains bullish over the long term. However, the price needs to cool down at least temporarily. That said, the duration of such consolidation is rather unknown, as it could be just for a few days or a prolonged consolidation for another week or even more is hard to say right now.
READ: One billion dollars worth of Bitcoin moved by an unknown identity
