Main navigation

Bitcoin Declines to $17,600 Area, Has Anticipated Correction Begun?

News
Wed, 12/09/2020 - 09:26
article image
Yuri Molchan
Bitcoin dropped to the $17,600 area but now is recovering the $18,000 line, crypto analyst Michael van de Poppe believes that the expected BTC correction has started
Bitcoin Declines to $17,600 Area, Has Anticipated Correction Begun?
Cover image via stock.adobe.com
Read U.TODAY on
Google News

A few minutes ago, the Bitcoin chart on the Kraken exchange showed that Bitcoin declined to touch the $17,650 area.

BTC
Image via TradingView

Dutch-based crypto analyst Michael van de Poppe believes that this is the start of the long-expected correction for Bitcoin after the recent new all-time high of $19,933 hit on Nov. 30.

In his recent analysis, the expert says that the chart is showing a bearish divergence confirmed, and the volumes are dropping as well.

Related
John Bollinger on Bitcoin: “Normal Market Action So Far”

Now, as Bitcoin has reached a new all-time high, multiple market participants are fixing their profits and cashing their BTC out, thus allowing big players like Grayscale and MicroStrategy to get their hands on it.

Experts PlanB and WhalePanda have commented on that, believing that large institutions are now taking Bitcoin out of weak hands to put it into deep cold storage for the long term.

At press time, Bitcoin has recovered a little and is trading at $18,028.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.