It’s not today, December 8, 2020, that Bitcoin (BTC) will make a major breakthrough for the $ 20,000. BTC is even showing signs of weakness, having failed several times to break resistance at $ 19,400 – $ 19,500. Bitcoin is now bearish on Twitter.
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Buying Bitcoin: between social signals and numbers
The bulls have tried unsuccessfully to break through the resistance zone of $ 19,400 – $ 19,500 today.
The BTC fell to the $ 18,680 level, before rebounding. It is trading at $ 18,837 as of this writing.
Data from Santiment show that despite the rally of Bitcoin, tweets BTC took on a bearish tone for the first time since early October 2020, while Bitcoin was trading around $ 18,716 today.
Institutional investors are behind the current rally of Bitcoin. According to data from CoinShares published on Reuters, institutional investors invested $ 1.4 billion in BTC during the last few weeks.
Over the same period, institutional investors withdrew $ 9.2 billion from their gold investments.
They make Bitcoin tremble
4 factors could contribute to a major correction in the price of Bitcoin :
- Bears continue to block, preventing bulls from breaking through the resistance zone of $ 19,400 – $ 19,500: the price of Bitcoin has been rejected there several times in recent days.
- The Miner’s Position Index reached a new ATH: according to data from CryptoQuant, miners who had previously been inactive began to sell their BTC.
- Hodlers have stopped buying: some whales are waiting for the price of Bitcoin to accumulate BTC at lower prices.
- Equity markets are in decline: The DOW and the S & P500 are slightly in the red today. The price of Bitcoin has previously shown a correlation with these stock indexes.
Bitcoin had suffered a crash before it could reach a new ATH 5 days later, without touching the $ 20,000. Is another correction of a similar magnitude necessarily necessary to revive buying and the bullish rally in the short term? Whales are waiting for the “sales” to fill their wallets. Just hoping the bears fail to make another Bitcoin special Black Friday, cutting its price by 50%.
Litecoin, welcome in the Silver Age