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Reading: Bitcoin Whale Bids Farewell to Followers
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COINTURK NEWS > Bitcoin (BTC) > Bitcoin Whale Bids Farewell to Followers
Bitcoin (BTC)

Bitcoin Whale Bids Farewell to Followers

In Brief

  • Bitcoin price dropped to $63,500 during article preparation.

  • Investors took profits, causing a price decline after ATH.

  • Market volatility may increase with upcoming economic data releases.

COINTURK NEWS
COINTURK NEWS 2 years ago
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Bitcoin price had fallen to as low as $63,500 at the time of writing this article. The price has melted down $5500 from the ATH level. Naturally, this situation affects altcoins the most because they had not even had their share of the rise yet. So, what is the reason for the decline? How much deeper can it go?

Why Is Bitcoin Falling?

After reaching the ATH level, the price turned downward as profit-taking began. Almost all investors saw levels where they could make a profit and took advantage of this opportunity. This led to the price melting. On the other hand, there are falling prices with increasing volume in the ETF channel, meaning profit-taking has started here too. The volume in the IBIT fund has already exceeded 2 billion dollars, and a new record could come today.

BTC currently needs to close above the $65,000 resistance level for peaks above $70,000. However, markets might see some retracement with the nervousness brought by tomorrow’s employment data, Friday’s wage increases, and unemployment figures. FOMO pushed the price to the ATH region, and now the time to take profits has started, even if it is short-term.

Historical data suggests that BTC makes its cycle peak within 10 months after a halving. So, we may still have months to go before we see rapid rises and focus on the actual peak.

You can follow our news on Telegram, Facebook & Coinmarketcap & X
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 5 March, 2024 - 8:27 pm 5 March, 2024 - 8:27 pm
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