Recently the price of Bitcoin (BTC) plummeted on BitMex by 14% from $10,100 to $8,600 in just 15 Minutes. Here in this post we're going through the main reasons behind this price drop.
**Whales Moved Their Funds **
It is confirmed by the Ki Yung Ju CEO of CryptoQuant that few hours before the drop Whales moved their funds to the BitMex and Binance.
Ki Yung Ju said :
"Multiple significant BTC inflows from Binance and BitMex a hours before the dip".
Rejection at Multiyear Resistance
Bitcoin has tested the $10,500 resistance level for three times in last eight months. Bitcoin has failed to surpass the resistance in October 2019, in February and now this is the third time that BTC failed.
Due to this consecutive three times failure attempts of surpassing the $10,500 resistance, Traders are questioning about whether Bitcoin will breakout and get ready for steady bull trend.