Bitcoin Down to $17,000 after Whales Cash in Profit

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Bitcoin is on a roller coaster as it strives to keep the momentum of the rally strong. BTCUSD’s uptrend stopped at $19,475 before falling back to $17,013 as of 1:25 pm UTC today. That’s a 16% drop in only 2 days.

Yesterday, Bitcoin fell a huge 8% when whales started transferring their bitcoins to exchanges, presumably to cash in profit. This pulled the crypto king to $16,408 yesterday, losing about $3000 in less than 24 hours.

Meanwhile, Ethereum followed with an 8% loss yesterday, and Ripple slid back to $0.52298 with a huge 15% crash.

Bitcoin is down by 16% from the 2020 high on Wednesday, SimpleFX WebTrader

Ki Young Ju, creator of on-chain analytics analytics firm CryptoQuant, affirmed that large-scale investors deposited their bitcoins in exchanges as shown by a considerable increase in Exchanges Inflow Mean in a few hours. Although Bitcoin fell to a considerable level, he believed that it would break $20,000 in a few days based on long-term on-chain indicators.

All traders are eyeing whether Bitcoin could beat the $19,704 all-time high 3 years ago. Now, it should be able to hold the $15,800–$16,300 support zone in the daily chart and break once again the $18,500–$18,800 resistance to continue the rally.

BTCUSD is up by 24% this month and 137% this year to date. Will you buy or sell?

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