The investors of the cryptocurrency markets have been active and excited due to the renewed bullish streak of Bitcoin. In October, Bitcoin was able to gain as much as $65K position before experiencing any roadblocks. Many technical analysts and several investors were hopeful that Bitcoin has a chance to touch down the $100,000 mark before the end of the current year.
However, at the same time, there were also many parallel theories that the price of the flagship cryptocurrency is going to experience a correction shortly. The later prediction of the investors and analysts seem to be the work in motion at the moment. Towards the approaching weekend, the rapid ascend of the cryptocurrency market seems to be taking a break and retracting. During the last 24 hours, Bitcoin prices have reached $63,000 per unit.
When the price of a major asset falls or rises, there are always several visible factors and market changes contributing to this fact. In the same manner, the market experts and investors have pointed out one major cause for this rapid change in the price of flagship crypto this week. Tony Sycamore is an analyst from the City Index Australia who commented on the topic recently.
He was speaking to the journalists at Reuters when he pointed out that several digital investors have opted to draw out their profits and liquidate their Bitcoin reserves. This step has allowed the selling pressure to grow smaller in comparison to the purchase pressure.
Bitcoin is the largest cryptocurrency, and it contributes to setting a positive or negative sentiment for the entire cryptocurrency market in general. While the firstborn crypto is unable to stay put at a safe resistance level, the rest of the altcoin market is also following suit.
Edul Patel, CEO of Mudrex, claimed that the current change in the crypto market shows range boundary price charts. He further added that Bitcoin prices are experiencing a considerably smaller correction that does not raise any red flags. It is worth noting that the daily trading volume for Bitcoin has also decreased to $1.83 billion alongside its dominance.