Bitcoin slid under $33,000 for the first time in over a week as Coinbase whale selling pressure gathered to drive price lower
Bitcoin price fell below $ 33,000 for the first time in over a week on Jan. 21 as selling pressure concentrated to drive lower price action. And the reason is where? Perhaps we have to ask Coinbase whales.
A look at Coinbase Pro’s BTC price premium suggests that selling is underway on Thursday, as Bitcoin falls 7%
The BTC/USD pair resumed its downtrend on Thursday, falling 7 percent on the day and failing to break out of the $ 33,000 support. The latest move, which caused Bitcoin to fall more than 13% from its highs since Tuesday, comes amid rising sales at Coinbase Pro.
The spike in volume on Coinbase Pro has been accompanied by price volatility in recent weeks. This time, it was a dip in the so-called Coinbase Premium which signalled selling was underway – the difference in price between the BTC/USD pair at the venue and others suddenly decreased.
Ki Young Ju, CEO of on-chain analytics resource CryptoQuant, stated:
“It seems $BTC sellers came from #Coinbase. Coinbase Premium Index has been a negative value since an hour ago. Coinbase whales might want $BTC to go lower for consolidation.”
A day earlier, Ki emphasized a corresponding increase in deposits on exchanges from whales, indicating the desire to potentially trade or sell BTC at a price equal to or below the average range of the corridor transactions from $ 30,000 to $ 40,000.
Another trend since (buy bitcoin bahrain) started rising to all-time highs is the transfer of wealth from retail investors to whale investors, who buy into supply during every price pullback.
Despite the sell-off, buyers who made headlines this week, number one among investment giants Grayscale, have set the biggest one-day BTC to buy ever to be worth more than $ 600 million. Over the 24 hours to the end of Wednesday, the company increased its balance by 8,000 BTC – much more than the supply added to the market by miners.
At a virtual conference this week, CEO Michael Sonnenshein outlined the state’s adoption of digital assets and the growing interest in financial advisers as two of the key trends arguably. will characterize the year 2021.
You can see the BTC price here.
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