Top Reason Why Bitcoin (BTC) Price Is On Verge Of Dropping To $15k
After a day’s trade below $19,000, the world’s first cryptocurrency, Bitcoin has regained $19,000 price levels. Yesterday, on September 7th, Bitcoin had plunged to $18.6k, the level that wasn’t seen since July. Though there was some resistance yesterday, the overall market is being hit by sell-off.
At the time of publication, Bitcoin is trading at $19,315 after an upward movement of 2.92% over the last 24hrs.
Meanwhile, the industry experts claim that the crypto exchanges are witnessing an increased number of Bitcoin deposits by whales. As per the reports, around 90% deposits are made by whales.
The CryptoQuant CEO, Ki Young Ju states that nearly 15,000 Bitcoins were transferred in the last ten days among which a few were moved to Kraken exchange. Ki Young claims that in the early hours Bitcoin was selling nearly $20K. Also says that this level is significant because $20,000 was the highest level in the 2017 bull market.
Bitcoin Deposits Surge On Exchanges
Though Bitcoin is flashing green, the currency is still lower than its key level of around $23,000. Crypto experts point out that before Bitcoin price saw its decline, the exchange whale ratio was positive. This momentum suggests that whales are hopeful towards Bitcoin as they are actively dumping BTC on exchanges.
While the crypto exchange’s deposit ratio is increasing, the global crypto market’s liquidation has hit beyond $360 million in just 24hrs. As per Coinglass reports, Okex exchange was the one that saw a massive single liquidation that accounted for $2.57 million.
The stats also claims that in the last 24hrs nearly $125.6 million liquidation has been made from Bitcoin and also approximately $107 million worth of Bitcoin have been moved into long positions.
Though there are some positive sentiments around, the global crypto market cap is still below $1 trillion as it is positioned at $978.84 Billion.Source