The Bitcoin (BTC) price has fallen sharply and is recording great losses. The Bitcoin course quickly lost value. This is also known as a BTC dump. The picture shows a crumbling Bitcoin price on a descending price graph.
Bitcoin Machine price has seen four double-digit corrections in the past seven weeks, with the largest of more than 23% this morning. Although the panic is currently extremely high, especially among newcomers, the big players continue to accumulate and buy up the panic.
Bitcoin course correction is bought up by Whales
BTC fell to a low of $ 30,500 during Asian trading hours early Monday, down more than 23% from its current all-time high of $ 41,500.
Bitcoin „whale“ addresses – wallets with more than 1,000 BTC valued at nearly $ 350 million – have continued to rise, however. They have increased 4.02% since December 2, 2020, according to the results of the independent researcher Elias Simos.
Plus, smaller addresses at 0.01 BTC (valued at $ 350) are down 6.32% over the same period.
The comparison supports the narrative that institutions are buying Bitcoin at the expense of retail investors and traders.
In addition, long-term Bitcoin highs (e.g. 2013 and 2017) are shaped by the euphoria of small investors. Currently, the markets are experiencing exactly the opposite.
Small BTC Addresses
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Classic BTC bull corrections
Previous rises to all-time highs (2013 and 2017) have seen regular corrections of 20-30% during the Bitcoin bull markets.
Bitcoin Corrections to 2017 ATHs
BTC has suffered four double-digit percentage losses since it first encountered resistance from the 2017 all-time high in November. The progression has made higher highs and higher lows after each correction.
If the trend continues, today’s low of $ 30,500 (on Coinbase) could be the local low before moving up further.
Lower highs and lower lows characterize a bull market. Hence, the previous local low of $ 27,650 will act as a major support level for the major cryptocurrency in the event that it continues to move lower.
We are curious how it will continue and where the correction will end. From this point on it can happen very quickly. As Warren Buffett said before. Buy whenever investors panic.