Bitcoin’s price is going down for many reasons including traders who realized gains last year selling to pay their tax bills.
The price of Bitcoin dropped below $30,000 in a quick swoop on the third retest in two weeks of the support area.
Bitcoin price action mimics recent lows, but traders are all focused on GameStop and the power of crowd investment.
The rush into decentralized investment will only serve to fuel Bitcoin’s position, the investor says amid outrage at GameStop’s performance.
A handful of DeFi tokens saw strong rallies even as bears continue to pin Bitcoin price below $33,000.
Key Bitcoin price metrics show the recent 12% drop to $30,800 has not stopped traders from buying dips ahead of this Friday’s $4.9 billion BTC futures expiry.
Some institutions have paused their buying, at least for the moment.
Analysis of sellers’ profits this week increasingly points to an imminent return to upside for BTC/USD.
Prominent Bitcoin analyst, David Puell, says there are two things that could cause Bitcoin to top out in the future.
Selling and frantic trading continue while exchanges see more BTC enter than leave.