Bitcoin price first dipped a toe under the $9,000 mark, then went on to erase profit positions gained since the dramatic rally at the end of October. The slide took BTC to $8,780.84 as of 15:25 GMT on Friday, with plenty of leeways to drop as the weekend hovered with lower volumes. Here are five reasons why this happened.
Bitcoin Whales Calling Quits
Crypto exchanges saw outflows in the past days, with no new serious tranches of either BTC or Tether (USDT). The recent dump, based on order books, seems to be a capitulation and a selling pressure, to realize partial profits from the recent bitcoin price rally. Previously, whale watching bots noted a series of large-scale transactions of coins to exchanges, lying in wait for potential selling.
#Bitcoin order books look out of balance now to the bearish side. Don't forget, momentum…