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Bitcoin Price Falls Over 7% In Less Than 3 Hours - Exclusive Analysis.
2021-03-15 | Big Bob
"BTC has pulled back towards the red area and even overextending below it - for now. The day remains young so the price could still resolve itself relative to the present red boxed area and switch it into support Technically, $BTC is within the process of a volatile retest."If Bitcoin fails to rebound from the $55k area, the trader warned that a steep correction to the $46.7k USD price becomes the next opportunity. When the worth of Bitcoin began to drop, the futures exchange funding rate of BTC was hovering above 0.1% across several leading cryptocurrency exchanges. This reveals that the overwhelming majority of the market was longing or purchasing Bitcoin, making it an overcrowded trade. In line with data provided by Bybt.com, 194,541 traders were liquidated within the past 24 hours for an amount of roughly $1.83 Bln, the very best since 21st Feb. The futures exchange saw cascading liquidations as the market was extremely overheated. While explaining further the scenario:
"Bitcoin barely holding on to the present critical level here. Needed for upwards continuation, otherwise, price drops back to the range."Prior to the drop occurred, the on-chain data analytics platform CryptoQuant acknowledged large BTC deposits into Gemini. Gemini one of the leading Bitcoin exchanges within the United States alongside Coinbase, and is usually considered a "whale exchange." The CEO of CryptoQuant, Ki Young Ju, explained:
"This 18k $BTC deposit is legit as it was a transaction between user deposit wallets and Gemini hot wallet. All Exchanges Inflow Mean is skyrocketed due to this sediment. Don't overleverage if you're within a long position."Additionally to the selling pressure from whales, the recent Bitcoin rally being led by stablecoin inflows into cryptocurrency exchanges was another bearish sign. The rally was catalyzed by sidelined capital held in stablecoins instead of institutions within the United States:
"Coinbase Premium Index was always significantly high when $BTC price breaking 20k, 30k, 40k, and 50k. it had been significantly negative when the worth breaking 60k. This 60k bull-run isn't United States institution-driven, it all came from stablecoins."
