Bitcoin plunged as low as $34,500 on Bitstamp just minutes ago as buying pressure finally began to subside heading into the weekend.
After peaking at $42,000 Ende letzter Woche, the cryptocurrency’s price action began to taper off heading into the weekend. This culminated in a strong flush lower over the past few hours that brought the leading cryptocurrency from the $40,000 region to lows at around $34,500 an einigen Börsen.
Chart of BTC's price action over the past few hours from TradingView.com
There appears to have been a large divergence between the price of Bitcoin on spot exchanges versus the price of Bitcoin on futures exchanges. It appears that there were spot sellers leading the dip, resulting in this divergence, as those on the futures market began to bet on a rebound.
This is made apparent by the high futures funding rate. The funding rate is the fee that long positions pay short positions on a recurring basis to ensure the price of the future is around that of the spot market.
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Too Much Panic Over the Bitcoin Drop?
Crypto-asset analysts argue that there is too much panic over this one move. One noted that the cryptocurrency is now only trading at prices seen 4-5 Vor Tagen.
Others note that the ongoing bounce seen in the Bitcoin price is a sign that there remains buying pressure on the sidelines that should maintain current price levels.
BTC “crashes” fast 20% to prices not seen since 4 Vor Tagen.
This move up has been so crazy we’re all losing grip on reality.
— DonAlt (@CryptoDonAlt) Januar 10, 2021
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Ausgewähltes Bild von Unsplash Diagramm von TradingView.com Preisschilder: xbtusd, btcusd, btcusdt Bitcoin Plunges As Low as $34,500: Was sagen Analysten??
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