- According to it, the sellers of Bitcoin simply “do not have enough strength” to continue to drain the price of the main cryptocurrency.
- The day before, analysts drew attention to the fact that especially strong pressure from sellers of the first cryptocurrency is observed from Asia.
- There, we will remind, the accounts of residents of China should be closed by the end of December.
A crypto trader under the pseudonym Light posted a lengthy story from several posts on his Twitter. According to it, the sellers of Bitcoin simply “do not have enough strength” to continue to drain the price of the main cryptocurrency. In addition to this, Light summed up the events that contributed to the drawdown of the value of BTC by almost 39 percent since it reached another all-time high of 69 thousand dollars. Let’s talk about the analyst’s point of view in more detail.
At the same time, China may be the reason for the fall of BTC. The day before, analysts drew attention to the fact that especially strong pressure from sellers of the first cryptocurrency is observed from Asia. There, we will remind, the accounts of residents of China should be closed by the end of December. This means that investors may well get rid of their own cryptocurrency savings.
However, at the same time, residents of the United States and Europe replenish their own stocks of coins.
What will happen to Bitcoin next
The combination of actions of large players has become the reason that now many individual investors keep in their account the bitcoins and altcoins acquired at a loss. This trend was visible even before the main cryptocurrency began to fall after rising to 69 thousand dollars , Light insists.
Here is a trader’s remark in which he shares his vision of what is happening in the market. The quote is from Cointelegraph .
25 percent of open positions in Bitcoin derivatives have been closed or liquidated. Billions of dollars have been lost. If earlier people were just careful, now they are reducing their risks. Those who did not understand the situation on the market a month ago are now in a panic.
However, it is too late to sell bitcoins now. The demand for cryptocurrency is returning, and it can show at least one more wave of growth, the trader said. Here is a quote from him.
While the bulls were cautious, the bears showed aggression, pushing the fund in the negative direction on some sites and increasing the volume of open positions. The big players, who lowered their risk around $ 60,000, changed course and began to absorb the panic.
Light summed up that the future of the bears is “not as cloudless” as it was at the beginning of the month. Trying to open short positions in Bitcoin now is quite dangerous, as feeling panic in the market, many large players will start buying BTC at a “understated” price. In other words, if investors are not planning any deals in the near future, now it is better to just watch the market and count on its growth in January , the expert said.
Also Read : Bitcoin Dips, Crypto this week : Weekly Wrap
True, the US Securities and Exchange Commission (SEC) may once again “spoil the holiday”: the day before, the regulator postponed the consideration of the case of two ETFs on Bitcoin. Their peculiarity is that they are based on the spot price of an asset – that is, the market price – as opposed to already approved ETFs , which are based on the price of Bitcoin futures.