Bitcoin Price Drops as Whales’s Deposits to Exchanges Increase
The price value of Bitcoin has once again dropped below $17,000 as the inflows over the crypto exchanges have surged significantly. Normally, the price value shifts its direction either in an upward or downward direction depending on the mood of whales.
“Danger Zone”
According to CryptoQuant CEO Ki Young Ju, the mean indicator of all exchange inflows has touched the “danger zone,” which shows the correction in value may occur soon.
In the trading session of November 27, the world’s leading digital currency claimed $16,200 for a brief period of time but then recovered to some extent.
On November 26, the value dropped to as low as $16,200 over cryptocurrency exchanges due to many factors. On that sharp price drop, the futures worth millions of dollars liquidated over futures markets in just a few hours.
CryptoQuant’s findings of the BTC markets show the deposits of Bitcoin on the part of whales have increased, which has caused BTC price to fall below $17,000. Ki said on Nov.27:
“BTC Whales are depositing to exchanges. I expect dumping in the short-run. All Exchanges Inflow Mean (144-block MA) hit 2 BTC. I think we’re in a danger zone. The price is likely to go sideways or down when whales are active on exchanges.”
Before the price downfall, the market experts and analysts already speculated a pattern of price correction for a week or two as it was necessary to normalize the sentiments in the cryptocurrency markets.
Price Correction is Imminent
On a temporary basis, the analysts predict various lows for a price correction. For instance, some are having an aim of $16k for the world’s top cryptocurrency, but some are waiting for even lower positions, such as $15,000 and $14,000.
A prominent trader with the Twitter name “Beatlorion” claims the price can go below $15,000, but it is a possibility, and he is not sure about it. But he clears that the doubt that he feels “better about shorting this than longing.”
Another prominent expert and crypto YouTuber, Tone Vays, recently claimed that he saw a price drop to even low as $14,000,which is also a strong support level.
To bring crypto derivatives markets to normal functionality, there is a need for price correction as the funding rates over derivative products have become unstable. When the price value claimed $19,400, the fear and greed index reached a high level, which presented an unclear picture.
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