Nov 26, · Spot volume across major exchanges also rose sharply as bitcoin’s hour range fell to between $19, and $16, – its sharpest decline since the wider markets crash in . Related: Market Wrap: Stocks Make Gains While Bitcoin Sticks to $9, Ten thousand bitcoin is worth close to $93 million at press time.. Some may see the decline in the whale addresses as a sign. Nov 26, · Bitcoin suffered a price crash earlier on Thursday, having missed record highs by a narrow margin earlier this week. The top cryptocurrency by market value fell from over $19, to .
Bitcoin drop marketHistorically Accurate Analyst Calls for a Bitcoin Drop To $15,,
One historically accurate trader is calling for Bitcoin to correct much lower in the weeks ahead. Both cryptocurrencies reached his price targets in March despite many first laughing at his predictions, calling them too bearish.
This other trader recently shared the chart seen below, which suggests that BTC is in the midst of breaking down from the parabolic uptrend it began many weeks ago. Of note, there purportedly is selling pressure hitting the market. As reported by Bitcoinist previously, analyst Willy Woo noted that there has recently been a spike in Bitcoin Days Destroyed, suggesting increased selling pressure:.
Still, it has been widely reported that there is a lot of Bitcoin being bought by institutional players, as evidenced by a consistent time-weighted average price buy on top exchanges, suggesting an OTC desk accumulating coins.
Could you be next big winner? I consent to my submitted data being collected and stored. BTC continues to be accumulated by Grayscale, a leading digital asset fund manager. The price drop seen today has taken the cryptocurrency well below its day average and allowed the RSI to realign in a more bull friendly-manner.
According to chart analysts, price rallies with regular pullbacks are more sustainable than the near degree ascents. Some traders had positioned for the pullback by buying put options, or bearish bets, as noted by Deribit Insights.
OKEx suspended withdrawals on Oct. The path of least resistance for bitcoin remains on the higher side. Indeed, bullish macro factors such as increased institutional participation, record money printing by central banks, and the search for yield remain intact despite the price drop.
Holding sentiment remains strong on Thursday, with the number of coins held on cryptocurrency exchanges at 2,,, the lowest level since Aug. With the cost of holding long positions normalized, bitcoin can now chart a more sustained rally to record highs.
These are healthy positions because they are not going all-in, but adding funds when it goes up or down. Subscribe to Blockchain Bites , our daily update with the latest stories.
Put-call volume ratio. Put-call open interest ratio. Read more about Prices Bitcoin Markets Options Evergreen.
Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups.
Year in Review Coin Center.