Traders woke up to their portfolio down by more than 10% in less than 8 hour in one of the biggest price drops. Bitcoin filled many with hopes of improvement following the dip to $52k and recovery above $53k in the previous trading session.
Many claim that the slight improvement was proof of buybacks and the goodwill of things to come. How did the bears react? Four hours ago, BTC started a steep descent that lasted three hours and resulted in the apex losing more than 10% of its value at the time.
Crypto derivatives were not safe from the retracement as the bulls were at the receiving ends of most of the liquidations. More than $600 million was REKT in the last 4 hours and a little closer to $1 billion was liquidated in the past 12 hours.
One analysis hinted at the current event in the market. It stated that the proposed Moonvember saw another setback as BTC failed to recover and soar following the discount it provided on Friday. The same script seems to be playing out this week as the top coin price continues to show increased volatility and more bearish tendencies.
As with last week’s “Black Friday” we saw another yesterday but the worst took place today. The largest crypto is trading at $46,900 as of this time there several worrying indications on the 1-hour chart including the interception of both the 50-day MA and 200-day MA.
The current low ($41,987) is becoming a source of concern as the bulls fear a revert to sub-$40k. Considering how fast the drop took place, what could be the cause?
Why Did Bitcoin Dip?
China has been blamed for previous retracements as it strengthens its resolve to crackdown on apex coin. The nation has been silent since the last FUD and the market has recovered from Pfizer’s induced fear, uncertainty and doubt.
Considering the above statement it is almost impossible to deny the hands of the whales in this correction as sharks and lower tier HODLers do not enough to cause such a massive drop in a short time.
