Forex and Crypto News

Bitcoin price is correcting before new growth

19:32 12 January /2021

After the Bitcoin price peaked at $42000 on January 8, we are seeing a decline. The price of Bitcoin fell by more than$10000 and hit a low of $30261. This high volatility caused an increase in trading volumes. The spot and futures markets recorded record trading volumes. Institutional and retail traders were actively selling. Despite this, the price correction did not frighten the majority of market participants. They are confident that Bitcoin will manage to get back above $40000. At the time of publication, Bitcoin is trading at $34870.

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Analysts' opinions were, as always, divided. CryptoQuant CEO Key-Young Joo claims we are seeing the beginning of a price correction ahead of Bitcoin's rebound.

Ju emphasized that almost 15,000 BTC has accumulated on Coinbase since yesterday's correction. By this indicator, one can judge how much the supply exceeded the demand yesterday. Despite the accumulation of Bitcoins on exchanges, miners continued to strengthen the supply by selling new Bitcoins.

During the rise in the price of Bitcoin, exchanges saw an increase in the outflow of cryptocurrency from the exchange, which is typical in bullish market sentiment. However, the churn almost dried up on Coinbase yesterday, suggesting that traders are more likely to sell and take profits.

In addition to exchanges, we are seeing an increase in Bitcoin sales from miners. The drop in Bitcoin price by more than 20% on Monday did not stop them. Remember how miners held their Bitcoins when the price was below 10,000. The Miners' Position Index (MPI) also dropped significantly, showing that miners are selling their assets for immediate profit.

Today Bitcoin was able to recover some of the losses it received yesterday. However, with the beginning of the American trading session, the Bitcoin price began to fall again, dropping below $35000.

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