Forex and Crypto News

BTC sales didn’t let the price rise above $20000

13:33 02 December /2020

Bitcoin was able to climb to an all-time high earlier this week but failed to rise above $20000. However, BTC could not hold above the new ATH, and at the time of publication, the Bitcoin price rolled back as part of the correction. On Wednesday, December 2, the Bitcoin rate fell to $19070.

The signal that a bearish correction was inevitable was the return of BTC to exchanges. Large addresses associated with mining pools started inflowing Bitcoins at exchanges. It was this kind of activity that triggered Bitcoin's pullback below $17000 last week.

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Also, Bitcoin "whales" began to actively sell their Bitcoins when the price reached $19300. It was these sales that provoked such a decline in the price of Bitcoin.

Usually, an increase in the cryptocurrency exchange balance precedes a negative correction in the market. This time, 93000 BTC was deposited on centralized platforms.

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However, there is no reason to panic, analysts say. Over the long term, Bitcoin remains bullish.

The Santiment team found that the influx of Tether stablecoins to exchanges has increased over the past ten days. Such a tool is used to enter BTC investors. Based on these data, experts predict the preservation of the upward dynamics of the movement of the digital currency.

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