Bitcoin price finally showed signs of market correction as its price crashed by over $5,000 to record a 24-hour low of $28,286. The selling pressure was mounting on the top cryptocurrency as it defied many odds to continue its rally above $34,000 initiating on Christmas eve. Many believe the current market correction was triggered by Asian whales who were seen selling in bulk as Bitcoin was selling for a premium on several exchanges in South Korea.
Many analysts believe bitcoin price has hit a short term top at $34,000 and the market might correct up to 20%. The immediate support is at $28,000 and if the top cryptocurrency fails to hold that, BTC might see its price retrace to $24,000.
Asian markets played a crucial role in the past week to push the price of BTC above $34,000 despite massive sell walls, however after every major price climb a dip was observed suggesting whales were buying and selling aggressively to make a profit, The push above $30,00o liquidated over $100 million worth of Shorts within few minutes.
The current price retrace has led to $190 million longs getting liquidated on Binance within 10 minutes. The top cryptocurrency is looking towards the US market for some revival as it did in the past.
Bitcoin’s current price retrace of over $5,000 is the largest crash in history, however, it is less than 20% indicating the growing bitcoin market. As bitcoin price struggles to reclaim $30,000 all eyes are on the US market where institutions have helped bitcoin to recover similar crashes within hours of trade.
Institutions such as MicroStrategy, Square, Grayscale, and Paypal are known to buy the bulk of bitcoin as the market opens especially on Mondays after a two days pause. Microstrategy, the software giant has already bought over $1.3 billion in Bitcoin since August last year and out of those they bought $650 million worth of bitcoin during the last dip.
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