After reaching the all-time high of $61.781 (on Bitstamp), the price of Bitcoin began to fall steadily as it goes through a… correction.
It all started a few days ago. More than $2.2 billion was cleared in less than 24 hours as bitcoin fell below $55.000.
According to JP Morgan analysts, the most recent rise above $60 thousand was not caused by “institutional” but rather by private investors, which may also be a reason to stop this rise.
In any case, the following resistance areas, in case the price starts to take a little over, would be around $58.300, $60.000 and then at the existing all-time high. On the other hand, if the price starts to go down, support can be expected around $54.500 and in the range between $53.000 and $52.340.
In the midst of all this, cryptocurrency analytics provider CryptoQuant tells us that it may take some time for the price to recover and move upwards based on a few metrics.
At the moment there is not enough money in the exchanges waiting for entry.
As a second reason, analysts note that “the BTC market ceiling is too large to be able to go upwards leveraging only the stablecoin market cap.”
The latest remark made by Ki Young Ju, CEO of CryptoQuant, is that there are no significant dollar inflows into exchanges.