March 29, 2024

Bitcoin rate slipped by 11% amid wave of profit-taking

Bitcoin rate slipped by 11% amid wave of profit-taking

Today began the correction of the price of bitcoin, caused by the desire of investors to fix profits at levels close to the historical high.

After the MTC rate on Wednesday for a short timerose above $19.4 thousand, a wave of sales began, which was supported by large players. The day before, there was a significant influx of funds in exchange accounts, which indicated that traders were preparing. The bulls' attempt to stop the pullback at $17.8 thousand was unsuccessful, and the fall continued. At the time of publication, Bitcoin is trading around $16.8 thousand with a daily decline of 11.24%.

Bitcoin rate slipped by 11% amid wave of profit-taking

The correction did not come as a surprise to the market,since from the beginning of the week, analysts predicted a wave of profit taking at the levels of $19-20 thousand. At the same time, they believe that after a slight pullback by the end of the year, BTC will have time to set new historical records.

The overall positive trend is confirmed by long-term fundamental indicators, as well as growthcomplexities of mining and hashrate network.

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