After reclaiming $57,000 on March 10th, the bitcoin price sheds 2,000 overnight. The next bull run is likely to face some resistance before kicking in.
Bitcoin has fallen from local highs on March 11th. The price of the coin at the time of this writing is 54,000. It has shed more than 5% after hitting 57,300.
The price of parent cryptocurrency is dependent on multiple factors.
Also Read: What Causes Bitcoin’s Price Movements?
There were rumours that Oracle is likely to announce the BTC buy-in worth 4B USD on Wednesday. However, no such thing has happened so far. The Co-founder of the company has dispelled rumours regarding the bitcoin-related activity of the firm.
In the last two month, Tesla and MicroStrategy have invested billions of dollars in bitcoin. Tesla alone revealed its BTC buy-in worth 1.5 billion dollars. This move brought an immediate spike in Bitcoin’s Price. Likewise, MicroStrategy’s investment in BTC gave fresh impetus to the bull rally.
If stories of Oracle’s investment in bitcoin materialise, then we may usher into another BTC bullish trend.
The value of the whole crypto market is retracing as bitcoin price sheds more and goes below $55K. Analysts believe that this is a “back-and-fill process”. Bitcoin’s total market cap has crossed $1 Trillion. Therefore, consolidation was expected.
Bitcoin Price Sheds, Demand Rises:
Retail investors of wall street are investing in bitcoin. Exchanges like GreyScale are topping up their holding of BTC. Recently, Goldman Sachs Group Inc. announced that it is exploring ways to meet clients demand for bitcoin. In short, demand for BTC is consistently rising.
Whenever bitcoin price sheds a few thousand dollars, the believer of crypto jump in to buy the dip. On February 28th, the price of bitcoin fell to $43,000. However, big investors still stayed bullish. Consequently, we saw a surge in value within a week.