Bitcoin price fell by $1000 – correction or resumption of growth

The price of Bitcoin fell by more than $1,000 in the early hours of Thursday. This was the largest decline for the firstcryptocurrencies in 3 weeks.

The sharp drop began after 05:00 Moscow time, when the asset lost previous support between $ 19,000 and $ 18,500, recording a series of lower lows and highs on the short-term chart. The 24-hour range was $ 19,474 - $ 17,284. Subsequently, the cryptocurrency won back part of the fall, indicating a return to $ 18,000.

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“I think this is a correction before the $ 20,000 breakout.– said the CEO of the analytical firm CryptoQuant, Ki Yong-joo.

All averaged indicators of exchange inflowsrose a few hours ago. This suggests that the whales contributed BTC to exchanges. Other long-term indicators, such as Bitcoin and stablecoin reserves, indicate that potential buying pressure is still prevailing. I still think we can break through $ 20,000 in a few days. "

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Data from the Bybt platform indicates that the volume of liquidations of margin positions on major crypto derivatives exchanges during today's move was $ 950 million.

“The latest decline in BTC is the first of manychecks new money to see if they have enough conviction and spirit to really invest in BTC and the future of digital finance, or if they will just repeat 2018 and be swept off the market. "- said the managing partner of the Hong Kong investment firm Kenetic Jehan Chu.

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