On Monday, the Bitcoin price began a spiral that saw it drop as low as $36,200. Naturally, this caused a stir in the crypto community which was starting to get used to the recovery trend in the market. The price has begun to increase once more, but what caused the plunge to $36,200?
Profit-Taking By BTC Whales Triggers Decline
Given that the Bitcoin price had risen so much in the last couple of weeks, going from $27,000 to $37,000, a good measure of profit-taking was expected to follow, and it looks like that’s what happened. But the investor cohort that led the profit-taking explains why the decline was so much.
According to a chart posted on X (formerly Twitter) by crypto analyst Ali Martinez, the major profit-taking was being done by large investors. These Bitcoin whales have been taking profits and over the last week, they have moved around or sold roughly 60,000 BTC. At the current prices, this 60,000 BTC is worth over $2.2 billion, which would explain why the price was impacted
We współpracy z: https://bitcoinist.com/bitcoin-price-down-36200/
