Bitcoin price has begun to drop lower once again despite the flush on Monday to $30,000
Bitcoin price entered the 4th “bloody” day with a loss of more than 5% of the day, along with the big sell-off. At press time, BTC is trading at around $ 33,000, erasing all profits from the past seven days and recording a drop of nearly 3%. As such, BTC fell by more than $ 1,444 in the last 24 hours.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price continues “bloody Wednesday”
Statistics data shows that, during the time period above, BTC had transactions as low as $ 32,538 and highest at $ 36,621. The market capitalization of the largest cryptocurrency in the market is currently pushed to the region of $ 624.6 billion, the transaction volume over the past 24 hours is $ 72.3 billion.
Bitcoin, after soaring to an all-time high of nearly $ 42,000, quickly dropped below $ 31,000 on Jan. 11. The reason was explained by analysts because a series of large sell-offs broke out.
According to market analyst Rich Rosenblum of crypto company GSR, the decline will not stop, Bitcoin will have a few more corrections, especially when BTC has just experienced a huge rally.
There was a huge chunk of Bitcoin being sold on B2C2 as the price rose to $ 40,000, analyst Robert Catalanello from B2C2 trading company said. However, Catalanello believes that this is only a short-term decline because new cash flow is still staying in the market, and in the past hours, B2C2 has recorded many buy orders with a significant amount.
Notably, although Bitcoin continued its decline while some other altcoins turned green. Of the top 10 CoinMarketCap, Stellar (XLM) has the strongest gain with 15.4%, followed by Cardano with 9.36%.
Despite Bitcoin’s drop, on-chain trends for this market remain bullish. Aleks Larsen, a venture investor at Blockchain Capital, said on HODLer trends for Bitcoin:
6/ Looking pretty good for growth rates in the HODLer segment! Nice and steady growth for BTC through the bear market. Retail is starting to pop in but for most of 2020 this was institutionally driven – less additional holders, but much larger position sizes.
— Aleks Larsen (@_alekslarsen) January 12, 2021
Another positive sign to look forward to is Grayscale Investments re-opening private placements for its cryptocurrency investment trusts. Analysts found in December that whenever private placements were closed, Bitcoin underperformed. The reopening of these trusts to institutional and accredited players may drive prices higher as capital floods into space.
You can see the BTC price here.
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