Bitcoin was hovering around the $19,000 level for several days but, after another unsuccessful attempt to break above it, headed south and plummeted by $1,000 in 24 hours. Recent data indicated a significant uptick of BTC transferred from cold wallets to exchanges, implying that the price drop could have been somewhat expected. The price of the leading cryptocurrency reached an all-time high before plummeting this week.
Around $300 million worth of BTC was transferred before the drop.
After a predominantly calm weekend in which the leading cryptocurrency displayed an untypical absence of high fluctuations, bitcoin plummeted in value in the past 24 hours. Today bitcoin went from yesterday’s high of $19,300 to a bottom of $18,100. Most alternative coins followed suit, and the total market cap was dumped by $35 billion. Following the report, the cryptocurrency dipped even further, reaching a low at around $17,650. According to data from the analytics company Santiment, this development may have been expected to some extent. The firm noted the number of bitcoins stored on offline wallets and exchanges and highlighted an uptick shortly before the price declines.
Bitcoin is expected to remain bullish despite the recent fall.
Despite the short-term fall in bitcoin’s price, Glassnode’s CTO Rafael Schultze-Kraft outlined several key BTC metrics that showcase an “insanely bullish” conclusion. According to Schultze-Kraft, the metric was 1,620% higher during the 2017 high than it is now. As reported earlier, the Circle CEO Jeremy Allaire said that bitcoin would go mainstream in the near future, and the new Biden administration would be supportive of cryptocurrencies. At the time of writing, the price of bitcoin is just above $18,200. The price of bitcoin is expected to follow an upward momentum for a while.
