Selling Pressure Mounts For Weak-Handed Investors As Bitcoin Dips 30% From All-Time Highs
Selling pressure continues to mount for weak-handed Bitcoin investors as the crypto market slump continues dragging the price of BTC down to $41,175.84 Friday morning, representing more than a 30% drop from its all-time high of $69,000 reached in November. Concurrently, whales are seizing this opportunity to accumulate Bitcoin at a discount in anticipation of a near-term rebound.
By Andrew Senior
January 7th, 2021
When comparing the current price movement of BTC to the summer of 2021 when the last significant drop was experienced, there are several strong similarities that arise. After briefly falling to a low of $41,000, alarm bells sounded throughout the crypto world over the past 24-hours that warned of a further drop with the potential to pull BTC down to $30,000 or even lower with BTC showing similar movements to 2021’s sell-off.
Bitcoin has experienced drops during four of the past five trading days with declines gaining momentum during the past week when the Federal Reserve’s last meeting revealed officials are eyeing a faster timetable for raising interest rates than the previously proposed raise in 2024. The Kazakhstan uprising is having additional negative impacts on the cryptocurrency market with global computing power of the BTC network experiencing massive drops as that nation’s internet was shutdown crippling Kazakhstan’s budding cryptocurrency mining industry.
All eyes will be watching to see if buying pressure can push BTC back above the key resistance level of $46,000 and ignite a new bull run for 2022.
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