Bitcoin
BTC$16 537.50

0.10%

Ethereum
ETH$1 215.18

0.17%

Tether
USDT$0.999553

0%

Binance Coin
BNB$311.77

-0.81%

USD Coin
USDC$1.000145

0%

Binance USD
BUSD$1.000525

0.06%

Why did Bitcoin fall below $33K? Coinbase whales might have the answer


21 Jan 2021

#Bitcoin

Bitcoin (BTC) slid under $33,000 for the first time in over a week on Jan. 21 as selling pressure gathered to drive price action lower. Data from Cointelegraph Markets and TradingView showed BTC/USD continuing its downtrend on Thursday, dropping 7.% on the day and failing to bounce off $33,000 support.

The latest move, which brings Bitcoin down over 13% versus its highs from Tuesday, came amid increased selling at Coinbase Pro, the professional trading arm of United States cryptocurrency exchange Coinbase. As Cointelegraph reported, major spikes in volume at Coinbase Pro had accompanied price volatility in recent weeks. This time, it was a dip in the so-called “Coinbase Premium” which signalled selling was underway — the difference in price between the BTC/USD pair at the venue and others suddenly decreased.

“It seems $BTC sellers came from #Coinbase. Coinbase Premium Index has been a negative value since an hour ago,” Ki Young Ju, CEO of on-chain analytics resource CryptoQuant, summarized on Twitter uploading the accompanying chart. Coinbase whales might want $BTC to go lower for consolidation.” A day earlier, Ki had highlighted a corresponding increase in deposits across exchanges from whales, indicating a potential desire to trade or sell BTC at prices at or below the mid-range of its trading corridor between $30,000 and $40,000.

Another trend since Bitcoin began ascending to new all-time highs was a transfer of wealth from small investors to whales, the latter buying up the supply during every price retracement. Despite the sell-off, it was buyers hitting the headlines this week, chief among the investment giant Grayscale, which fixed its biggest-ever one-day BTC purchase worth more than $600 million. In the 24 hours to the end of Wednesday, the company increased its balance by a further 8,000 BTC — far more than the supply being added to the market by miners.

Source


Related

Copy Trading Strategies: How to Start Successful Copy Trading
Copy Trading Strategies: How to Start Successful Copy Trading
Institutional investors are buying through crypto winter
Institutional investors are buying through crypto winter
How Much Will BTC Be Worth on October 9, 2024?
How Much Will BTC Be Worth on October 9, 2024?
Bitcoin's shy uptrend
Bitcoin's shy uptrend
Powell did not scare crypto
Powell did not scare crypto
Bitcoin completes consolidation in a triangle
Bitcoin completes consolidation in a triangle
Bitcoin Is Still Gold. Although Digital One
Bitcoin Is Still Gold. Although Digital One
The bogged-down crypto market
The bogged-down crypto market
Bitcoin's extremely low volatility
Bitcoin's extremely low volatility

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 60.8% 88 $16 537.50 0.10% -0.06% $317 822 304 352 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 59.2% 86 $1 215.18 0.17% 3.58% $148 706 732 936 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.6% 1 $0.999553 0% 0.06% $65 333 494 729 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 66.8% 66 $311.77 -0.81% 15.95% $49 874 568 821 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000145 0% 0.01% $44 197 320 437 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $1.000525 0.06% 0.04% $22 413 293 222 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 59.6% 80 $0.400048 -0.72% 7.25% $20 121 884 534 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 54.8% 92 $0.103633 13.34% 28.16% $13 749 128 535 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 64% 82 $0.317554 0.33% -0.14% $10 934 620 515 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 93.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 68% 65 $0.858219 0.62% 3.68% $7 495 959 645 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 65.2% 71 $5.39 0.20% -1.00% $6 139 923 968 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 95.2% 1 $1.000045 -0.03% 0.01% $5 726 562 394 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 66.4% 64 $76.42 0.50% 24.32% $5 479 552 153 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 60.8% 82 $0.053646 1.63% 5.42% $5 454 488 141 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.