Markets cool a bit before attacking the opening of markets for institutional investors on Monday. Bitcoin (BTC) fell below $ 18,000 today, November 22, 2020. Institutionals are behind the current rally, a notable difference from the 2017 bull run.
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A hole on the $ 18,000 line, a dip below
Bitcoin has dropped below $ 18,000 today. It bottomed out at $ 17,870. Bitcoin then began a meteoric rise that brought its level down to $ 18,558 at the time of writing.
Data from Whalemap show the existence of whale clusters at the level of 16,411 USD, 16,278 USD and 15,691 USD. In the event of a significant price correction, the BTC can count on these major supports.
Today’s correction follows the recent attack on $ 18,965, a rise mainly due to growing demand for BTC by institutions.
According to data from Skew, the volume on the markets OTC of Grayscale Bitcoin Trust increased significantly during the 4th quarter.
Institutionals in charge
Open interest in options BTC hit a new ATH of $ 7 billion as Bitcoin was close to 19,000 USD.
Open interest in options BTC CME had hit a new ATH of $ 1 billion earlier in the week.
Unlike the rally of 2017, the current rally is led by institutional investors.
According to Mike Novogratz, Bitcoin is now an asset for institutional investors. 2021 should be better than 2020 because most institutions have not yet plunged into Bitcoin.
Source : Image via Twitter
Data from Google Trends are currently showing relatively low interest in Bitcoin from individual investors.
The current rally is likely to continue over the long term, given the long term orientation of institutional investors.
Institutionalists will they make all the necessary efforts so that the BTC can rise to the level of 20,000 USD before the end of November 2020? Personal interest in Bitcoin is slow to come as it approaches new ATHs. The fall below $ 18,000 should benefit an upcoming attack on $ 19,000: today’s low has cleared markets of short positions that may increase selling pressure to around $ 19,000. Monday is the start of the school year: anything is possible!
Litecoin, welcome in the Silver Age