CandleFocus 3 Reasons Why Bitcoin (BTC) Dumped by $4K Daily, But the Worst Could Be Over
2024-11-15
Author: Content Editor
Bitcoin experienced a significant price drop from its all-time high of $93,800 to under $87,000. There are several potential reasons for this decline. One reason is the sell-offs by whales, with large amounts of bitcoin being deposited on centralized exchanges, potentially to realize profits. Additionally, miners have been selling their BTC, including those mined over a decade ago. Another factor is the withdrawal of significant amounts of money from US-based Bitcoin ETFs, suggesting that BTC may have reached a local top. Lastly, indicators such as RSI, MVRV, and growing FOMO levels suggest that BTC had become overbought. Despite this drop, BTC is still up 17% for the week.
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