Did Asian whales lower the price of Bitcoin?
The price of Bitcoin has fallen by more than 10% as of January 4th. As BTC fell below $ 30k, there was a comment from analyst Joseph Young. Young said whales on the Asian side may have been selling BTC.
Analyst Joseph Young explained that Bitcoin whales on the Asian side may have sold BTC extensively in the last few hours. The analyst used data shared by CryptoQuant CEO Ki Young Ju when he made this comment. In the data shared by young, Three Thousand BTC were sent to the cryptocurrency exchange Bithumb.
Coinbase exchange loses momentum
A few days ago, there was a $ 150-350 price cut between Coinbase and Binance. Joseph Young said these scissors are starting to close.
The opening of the scissors between the two exchanges indicated that there was strong demand by the purchase. The closing of the scissors indicates that this demand is beginning to decline. Young quoted this with the comment that” the era of accumulation may be over.”
Young said the Bitcoin futures market has been trading pretty heavily while all these developments have taken place.
Correction doesn’t have to be seen
Joseph Young also commented on the possible correction that could be seen in Bitcoin when announcing the possible sale by Asia. There is no need for a correction in current conditions, the analyst said. However, Young said he expected the market to settle.
Bitcoin price change in the last 24 hours
CoinGecko data shows that the price of Bitcoin has fallen by 13% in the last 24 hours. BTC was priced between 28,273 – 34,684 levels during the day, while daily trading volume was at $ 73 billion. The current price of cryptocurrency is 29 thousand dollars.