The world’s flagship crypto lost over $1,000 in less than 24 hours amid the bullish trend playing out at the world’s most valuable crypto market.
What we know: At the time of filing this report, Bitcoin price traded at $17,553.85 with a daily trading volume of $33,082,220,004. BTC price is down -2.3% in the last 24 hours. It was previously trading above $18,560 on Wednesday morning.
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The major reason why the most valuable crypto seems to be falling near $18,500, remains the bias that the strongest resistance level before a new all-time high is $18,500 Hence, amid increased selling pressure sellers as breaching the $18,500 price level upward would boost the chances for a broader rally.
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- Taking into consideration that most bitcoin wallets are in profit, unsurprisingly some investors are already cashing out some of their gains amid the end of a turbulent 2020
- That said, its recent price action shows its tilting towards an overbought position.
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What they are saying
Willy Woo, a former partner at Adaptive Capital, a respected Bitcoin analyst in the crypto-verse, gave key insights on what could make the Crypto bulls suffer from exhaustion, as it approaches the $17,000 mark.
Woo said, “The spike in coin buying should not be underestimated; it’s the largest spike in the 5-year chart below. Overall BTC remains bullish, however, the price needs to settle.
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“That said, during this pump, the volume of coins scooped off exchanges by buyers was unprecedented. This price move was entirely organic, powered by significant buyer demand rather than the usual trader-driven action on derivative exchanges. I have not seen an organic pump at this scale in years.”
Meanwhile, BTC Supply in Loss (1d MA) just reached 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.
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What to expect
Taking into consideration the increased buying pressure of the world’s most valuable crypto, Nairametrics’ view on Bitcoin remains bullish in the long term. However, the price needs to cool off at least temporarily. That said, the duration for such consolidation is pretty unknown, as it could be only for a few days or a protracted consolidation for another week or even longer is hard to tell right now.
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