Jan 04 2021

On-chain analysts explain why Bitcoin suddenly dropped 16% in 6 hours

published by Joseph Young
in blog CryptoSlate
original entryOn-chain analysts explain why Bitcoin suddenly dropped 16% in 6 hours

analysis btcusd price watch

The price of Bitcoin declined by 16% in six hours after an explosive rally to above $34,000. The correction occurred as the derivatives market became extremely overheated. The Bitcoin futures market can become overcrowded if the market is dominated by either short-sellers or buyers. If either one overwhelms the market, then the probability of a short or a...

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