The post Why is Bitcoin down today? A hike to $73K again will depend on… appeared on BitcoinEthereumNews.com.

An unknown wallet transferred BTC worth hundreds of millions to Coinbase At press time, BTC seemed to be approaching a crucial support, and a re-test could change the prevailing market trend Bitcoin [BTC] investors have been a happy crowd lately after it managed to push past $72,000 on the charts over the last few days. However, it couldn’t sustain its positive momentum and soon, BTC started to drop. Hence, it’s worth taking a closer look at why Bitcoin is down today.  Why did Bitcoin drop below $70k again? Bitcoin bulls gained control of the market on 27 October. Since then, BTC has performed very well, with its value climbing as high as $73.4k on 30 October. Following the same, the cryptocurrency started to consolidate and remained somewhere near $72k. However, things took a u-turn over the last 24 hours or so. Bitcoin’s market bears returned and pushed the coin’s price down by more than 4%. At the time of writing, it was trading at $69,063.85 on the charts.  A possible reason behind this latest price correction could be a major transfer. Whale Alerts, an X handle that shares updates related to whale activity, revealed that more than 8000 BTC, worth over $567 million, were transferred from an unknown wallet to Coinbase. Such major sell-offs often trigger price declines. However, things in this scenario might be different. This wasn’t the case on this occasion, however, as there are chances the transfer was made by a cold CEX wallet. These generally don’t affect prices much. In fact, Lookonchain’s recent tweet suggested that a whale actually bought the dip. According to the same, after Bitcoin’s price dipped, a whale bought 550 BTC, worth $38.68 million. Therefore, AMBCrypto checked other datasets to find out whether buying sentiment increased over the last 24 hours or…

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Filed under: News - @ November 1, 2024 3:26 pm