Bitcoin fell more than $ 1,000

bitcoin

Bitcoin fell more than $ 1,000

The price of bitcoin fell by $ 1,000 in a matter of hours. The crash saw the king of digital currencies reach $ 18,000 in psychological support. Bitcoin is currently trading in the $ 18,200 range.

According to Quinn Desk, the price of Bitcoin fell from $ 18,770 yesterday to $ 18,031. We are currently witnessing a slight price recovery, reaching $ 18,200.

The last time Bitcoin experienced such a fall was on December 1. At that time, the price of Bitcoin reached a historic high of $ 19,920 and then fell to $ 1,000.

CryptoQuant CEO Ki Young Ju cited the high volume of bitcoins marketed by whales as a factor in the price drop. “It simply came to our notice then:

When it comes to bitcoin price declines in the short term, I think the most important issue is supply and demand data. I think the decline started with whales keeping their bitcoins in exchange offices ready to sell.

Others said that the withdrawal of profits by investors and traders was another reason for the fall in prices. Lucas Huang, director of Tokenlon Decentralized Exchange Development, noted the micro-investor approach.

Based on this approach, the 80% rise in the price of Bitcoin in 2 months is too tempting to not take it.

Bitcoin fell more than $ 1,000

On the other hand, the attitude of the Wall Streeters has not been ineffective in this price reduction. Citibank analyst Tyler Rodke had suggested to Micro Strategy that it sell its bitcoins. According to him, their satisfaction with the price of bitcoin in the current situation is too much.

Of course, it should not be forgotten that in the meantime, some experts have an upward view of the market. Jehan Chu, co-founder of Kenetic Capital, said in a statement:

The recent downward trend in the price of Bitcoin is to breathe a sigh of relief to start jumping to $ 30,000 by mid-2021. Experienced bitcoin investors are accustomed to these declines and see them as an opportunity to buy on the floor. In the long run, we can expect these fluctuations to decrease with the inflow of more capital from large grain investors and see more stability in the market.

In the short term, for technical analysts, the recent fluctuations in bitcoin are a sign of a higher peak timeframe scenario. This indicates a decrease in buyers’ interest in the midst of increasing daily sales volume.

If buyers fail to raise the price to $ 18,600, there is a possibility of a price reduction; Because in the short term, we saw a change in the upward trend to a downward one.

Ripple fell 9.57 percent and Light Coin fell 8.57 percent. During this time, 17 digital currencies fell 8 to 12 percent.

Traditional markets, such as the Dow Jones Industrial Average and the S & P500, on the other hand, had a relatively stable day. Yesterday, these indices climbed 0.35% and 0.28%, respectively.

Bitcoin fell more than $ 1,000

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