Bitcoin price fell sharply to $29,000 today. Although there is no fundamental reason for this, it is considered to be just a correction.
- Bitcoin experienced a sharp price drop in the early hours of the day.
- An expert analyst says this drop is just a correction.
Bitcoin price fell sharply to $29,000 today. Although there is no fundamental reason for this, it is considered to be just a correction.
Reasons for Bitcoin’s Drop!
Bitcoin price dropped from over $30,000 to $29,032 in the morning hours today. The initial 3.5% drop occurred in just 20 minutes.
Although there is no fundamental reason for the sale, currently two factors stand out for the sudden price drop. These are the large sale of 16,000 BTC worth approximately $467 million on Binance and the subsequent wave of liquidation.
According to data, 16,000 Bitcoin was sold on the Binance spot market, while “quite typical” amounts were sold on other spot exchanges. This selling pressure is being interpreted as “interesting” by the community.
Bitcoin Spot Sale Amounts