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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Plunges 8% to $30,500 Amid Rapid Weekend Price Action

Bena Ilyas
Bena Ilyas
10 months ago
2 mins read

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Created by industry experts and meticulously reviewed
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After peaking at $33,350 earlier today, Bitcoin plunged as low as $30,000 on leading exchanges just minutes ago. Yet in spite of this rapid sell-off, buyers have stepped in to buy the dip.

BTC now trades for $31,300 and is up in excess of 7.5% in the past 24 hours. Altcoins, such as Ethereum, remain green in spite of the drop as well.

Many attribute this price volatility to it being a weekend. While BTC was largely a retail-focused market, institutions have begun to trade it, often leading to increased liquidity and volumes on weekdays as opposed to weekends.

Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment

Bitcoin Blow-Off Top

Some have argued that Bitcoin may be undergoing a blow-off top after gaining nearly $4,000 in the span of a single day.

One trader shared this trade below, noting that he entered a Bitcoin short position near the highs as a result of overbought indicators. As the chart shows below, certain indicators showed that Bitcoin’s price action was clearly getting overheated and likely needed time to reset.

https://twitter.com/ByzGeneral/status/1345456945172512773

What gives these traders pause, though, is the rapid recovery that BTC just saw.

While Bitcoin did trade as low as $30,000 just minutes ago, it now trades at $31,300. The rapid recovery in the cryptocurrency’s price action may show that there is a latent bid for the cryptocurrency that will appear on any dip.

This buying pressure is likely institutional. Grayscale, for instance, added nearly 13,000 BTC to its holdings late in December to account for an influx of institutional capital.

There is also news that firms such as SkyBridge Capital are purchasing dozens of millions of dollars worth of BTC.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash
Chart from TradingView.com
Price Tags: xbtusd, btcusd, btcusdt
Bitcoin Plunges 8% to $30,500 Amid Rapid Weekend Price Action
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Bena Ilyas
Bena Ilyas

Bena Ilyas

Benna Ilyas is a finance and cryptocurrency enthusiast who has been writing about Bitcoin and the blockchain since 2021. She is an author at Bitcoinist and NewsBTC, and she also runs his blog, where he writes about all things related to crypto and finance.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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