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BTC’s bearish nightmare began after it hit $42k for the first time. However, some analysts have highlighted four possible factors behind the recent crash. They include:
1- Bitcoin Has Been On A Parabolic Run Without Corrections
The recent bull run had been on for a long while, and a sharp correction was inevitable. Since Bitcoin cleared the $20k barrier, it has seen just one significant price correction.
2- Profit Taking
Considering that last year’s rally was likely because of institutional investors and not retail investors/traders, we can see why this idea is very prevalent. Several high net-worth individuals, large hedge funds, and publicly-listed firms trooped into Bitcoin in 2020 like never before, as the cryptocurrency became more appealing. Nonetheless, profit generation was likely the primary intention behind these investments, which explains the rapid liquidation.
3- Whales Are Trying To Shake Weaker Hands Off
As always, whales have a role to play in the recent crash, as they try to strong-arm small and new buyers to sell so they can mop up the excess BTCs at a cheaper amount.
4- HSBC Blocking Transactions From Cryptocurrency Exchanges
The recent announcement that HSBC has blocked transactions to or from cryptocurrency exchanges most likely extended additional support to bears today. Meanwhile, several UK banks have put stops in place to prevent their customers from purchasing crypto assets using their debit or credit cards.
Key BTC Levels to Watch — January 11
Bitcoin has finally initiated a much-needed correction. Although we predicted a sharp correction in a previous analysis, we did not expect such a scale. Nonetheless, the $30k resistance has performed remarkably well in preventing any further declines, as bears run wild.
That said, we expect a steady recovery from this level over the coming days, as dip-buyers begin to flood the market.
Meanwhile, our key resistance levels are at $34,474, $36,000, and $37,827. While our key support levels are at $30,000, $29,500 and $28,500.
Total Market Capitalization: $923 billion
Bitcoin Market Capitalization: $632 billion
Bitcoin Dominance: 68%
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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