Accéder au contenu principal

Why Bitcoin Price Dropped Down To $36,200

On Monday, the Bitcoin price began a spiral that saw it drop as low as $36,200. Naturally, this caused a stir in the crypto community which was starting to get used to the recovery trend in the market. The price has begun to increase once more, but what caused the plunge to $36,200?

Profit-Taking By BTC Whales Triggers Decline

Given that the Bitcoin price had risen so much in the last couple of weeks, going from $27,000 to $37,000, a good measure of profit-taking was expected to follow, and it looks like that’s what happened. But the investor cohort that led the profit-taking explains why the decline was so much.

According to a chart posted on X (formerly Twitter) by crypto analyst Ali Martinez, the major profit-taking was being done by large investors. These Bitcoin whales have been taking profits and over the last week, they have moved around or sold roughly 60,000 BTC. At the current prices, this 60,000 BTC is worth over $2.2 billion, which would explain why the price was impacted so much.

BTC whales sell holdings | Source: X

These investors are part of the 100-10,000 BTC, meaning addresses holding at least 100 BTC and 10,000 BTC. Last week, these addresses held around 8.61 million BTC. But by November 13, the holdings had dropped to 8.55 million.

Whales may not be the only cohort that has been participating in profit-taking, especially given the high profitability of Bitcoin holders. As data from IntoTheBlock shows, approximately 81% of all BTC investors are currently in profit, a large jump from about 50% about a month ago. So as investors sell to secure some profits, it is expected that the price will decline in response.

Bitcoin Price Needs To Hold $36,400

In a subsequent post, crypto analyst Ali Martinez revealed that the Bitcoin price had finally found support at $36,400 after it recovered. However, the bulls are not entirely out of the woods as they need to maintain the $36,400 support and risk falling lower.

Martinez posits that if the price were to break below $36,400, then the next significant level for demand rests at $34,300. This would mean an about 5% plunge from the current levels. But it doesn’t end there as a further plunge could take the price back to $30,200.

Bitcoin price

Source: X

For now, Bitcoin is holding steady above $36,600 which is a good sign. The volume has also seen a 39% increase, bringing it above the $18 billion mark, suggesting that investors took advantage of the dip to load their bags. If the excitement surrounding a possible Spot BTC ETF sustains, then the price could resume its uptrend above $37,000 soon.

Bitcoin price chart from Tradingview.com ($36,200)

BTC price falls to $36,200 | Source: BTCUSD on Tradingview.com

Featured image from Freepik, chart from Tradingview.com


Source link

The post Why Bitcoin Price Dropped Down To $36,200 appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

Jojobet (464)

Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Geri dönüşü yüksek bir heyecana hazır olun! Heybetli rekabet atmosferinde keyifli bir oyun deneyimi sunan öncü bir bahis platformuna hoş geldiniz. İnternetin en güvenilir ve güçlü adreslerinden biri olarak, size en üst düzey kalite standartlarına sahip online bahis fırsatlarını sunmaktan gurur duyuyoruz. Bahis ve şans oyunları tutkunlarının beklentilerini aşan kapsamlı hizmetlerimizle sizi unutulmaz bir yolculuğa çıkarmak için buradayız. Profesyonel ekibimiz, Türkiye’nin en donanımlı ihtiyaçlarına uygun olarak sürekli yenilenen bahis seçenekleriyle geniş bir kumarhane atmosferi ile etkileyici deneyimler sunar. Farklı spor dallarında eşsiz tahmin ve analiz araçlarıyla dolu olan platformumuz, kazandıran oranlarla sizden tam not alacaktır. En yeni teknolojik yazılım alt yapımız sayesinde, kesintisiz ve sorunsuz oyunculuk deneyiminin tadını çıkarabilirsiniz. Şansın, yetene...
Enregistrer un commentaire
Lire la suite

Space loves AI, AI doesn’t love Space

Space-related applications of artificial intelligence and machine learning are often confined to the ground because moving AI onboard satellites, while promising, is significantly more difficult. “Running AI in space is like running a marathon on the moon — impressive if achieved, but limited by the environment,” said Sylvester Kaczmarek, chief technology officer at OrbiSky Systems, a London startup focused on AI edge operations. Advanced processors are power hungry, meaning satellites with onboard AI require large solar panels and extra batteries. Plus, “radiation in space can fry electronics,” Kaczmarek said. Power management is another problem. Many AI devices require very high currents at low voltages. “The demands that AI devices place on power management are new to the space industry,” said Bert Vermeire, Voyager Space chief technology officer. “There are no good solutions with space heritage and it is difficult to identify efficient and small form factor power and manageme...
Enregistrer un commentaire
Lire la suite

Earn BIG Commissions in 2023

In this post, we’re looking at the best niches for affiliate marketing . So, if you’re struggling to choose a niche for your blog or YouTube channel, this list will help. In this list, you’ll learn some key information to help you determine which is the right niche to choose for you. Information like: How big the niche is and its market share The products you can promote Sub niche ideas And some commission rates you can expect Keep reading. Best Niches for Affiliate Marketing We’ve researched and broken down 21 of the best niches for affiliate marketing, so you don’t have to. Let’s dive in. 1. Artificial Intelligence The Artificial Intelligence industry has exploded in recent years and is projected to be valued at close to US$2 trillion by 2030. That’s what makes this one of the best niches for affiliate marketing today. There is also a wide range of AI tools to promote with generous commissions. For example, LinkWhisper is an AI content optimization tool for SEO of...
Enregistrer un commentaire
Lire la suite