Bitcoin Price Dropped Over 25% – Is the Bull Run Over?
On Jan 12, 2021
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Bitcoin (BTC), the leading cryptocurrency, has recently dropped significantly and at one point fell more than $ 6,000. The price dropped to almost $ 30,000. This means that Bitcoin has removed $ 11,500 in the last few days. Does Bitcoin’s recent drop mean that the bull market is over?
After rising to an all-time high of $ 41,950 last week, it closed this week with a decline. On January 10, Bitcoin recorded a sudden correction. This situation has resulted in the liquidation of hundreds of millions of dollars of positions from the market. The Global Crypto Market Cap, which has recently reached 1 trillion, is now $955.00B. Suddenly, the entire cryptocurrency market, including altcoins, began to signal a decline. Crypto traders are now concerned about the recent sharp market crash. Now there is only one question in mind. Is the Bitcoin bull run over?
Bitcoin (BTC) Price Trying To Recover
Compared to the past days, the market looks more positive today. The leading cryptocurrency Bitcoin has started a new increase. It is currently trading around $ 34,966, falling by 0.66 percent in 24 hours. Despite all this, it still faces strong resistance near $ 35,800 and $ 36,000.
According to analyses, if Bitcoin fails to cross the $ 35,000, $ 35,800, and $ 36,000 resistance levels, there is another downside risk. An initial support on the downside is near the $ 33,800 level. To start a new rally towards the $ 40,000 level, the Bitcoin (BTC) price must clear the $ 35,000, $ 35,800, and $ 36,000 resistance levels in the near term.
Investors Remain Bullish
Bitcoin 2017 rally is completely different compared to this year. Bitcoin investors are still bullish. Because the current rally is driven by not retail investors but institutional investors who bought the cryptocurrency. So analysts also think that this level is the period of consolidation, as long as Bitcoin does not fall further.
Addresses with more than 1k $BTC continue growing at the expense of all others–even as this most recent downturn is taking effect.
While you were selling, whales were gobbling up your Bitcoin… pic.twitter.com/cWszH3W9um
— Elias Simos (@eliasimos) January 11, 2021
A recent study reveals that high-value Bitcoin (BTC) whales are buying Bitcoin at low levels. The data shows that since December 2, Bitcoin whale addresses (with 1000 or more BTC) have increased by 150. This figure corresponds to an increase of approximately 4%. However, the number of addresses with 0.01 BTC (worth about $ 350) and smaller amounts fell 6.32%. It seems that while smaller Bitcoin holders reacted to the market, investors holding large amounts of Bitcoin did not consider selling their cryptocurrencies.
As Bitcoin was a volatile asset, it was expected to decline after reaching a new peak. In fact, Jason Deane, a Bitcoin analyst at Quantum Economics, stated that this was a healthy part of the bull market after the decline.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.