Bitcoin price dips for two consecutive weekends falls below $16K after the second consolidation attempt

Amidst striving above the $16K milestone, Bitcoin dips for two consecutive weekends below $16k after a consolidation attempt.

By · Nov 16, 2020 . 5min read

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Bitcoin price has fallen below $16K after reaching the price mark again since more than two years back. This will be the second consecutive weekend Bitcoin price dipped during weekends. Bitcoin fell from $15,680 to $14,654 before trending back upward last weekend.

Bitcoin price dips for two consecutive weekends falls below 16K after the second consolidation attempt
Source: Coinmarketcap

After reaching a price of $16,392 on November 2nd, the Bitcoin price dropped briefly below $16K and after some hours climbed back above the $16K price mark. Currently, Bitcoin is trading at $15,970 as at press time.

Although it looks like the volume is increasing minutely slightly within 24 hours from $30.3 billion to $30.6 billion, volume on the overall has remained flat.

At the moment, Bitcoin’s total market capitalization is $294.6 billion up by 4.24% in weekly market cap from $283.2 billion. With Bitcoin seeing an increased trade volume, whale deposits have been a significant contributor. For instance, CryptoQuant, an on-chain cryptocurrency analytics firm, reported the increase in whale deposits on exchange. What that means is that Whales have most likely offloaded some part of their large holdings as Bitcoin touched and traded above $16,392.

However, the increase in sell pressure, Bitcoin has only dropped not more than 2.9% from its all-time high after falling below $16K in January of 2018.

Bitcoin price dip past weekends is likely driven by the activity of short-sellers.

And for most of the new ATH Bitcoin reaches, short-sellers look for ways to scalp out profits. And with short-sellers means betting against Bitcoin attaining new highs. But that’s not all gloom and doom for Bitcoin.

Michaël van de Poppe who operates a full-time trading desk Amsterdam Stock Exchange tweeted in this regard.

I do agree with the statement that we’re in the disbelief phase. It’s also hard to state something else when $BTC is just 20% away from a new all-time high. Regardless of that, a correction of 20–30% that massive opportunity to be buying relatively ‘cheap’ $BTC. Take it.”

Most experts are calling the $20,000 price region for Bitcoin before the end of December. The events in the coming weeks will prove their predictions either right or wrong.

Follow Cryptodose for daily updates.

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