Bitcoin Falls to $17,800

"At the end of the current workweek, Bitcoin has lost 3% and is currently trading at around $17,900. The fact that the crypto is approaching $17,000 could lead to more investors closing their long positions in the asset. This will likely become the second wave of correction, and that when the crypto falls to its lowest level it will start to receive interest from large investors and funds that are waiting for the price of the cryptocurrency to fall in order to enter the market at a discount.

Data provided by CryptoQuant shows miners have started to sell large volumes of their currencies. According to the indicator, the volumes of withdrawals from the miners' wallets have reached a 3-year high. It looks like these sales are taking place on OTC markets. The effect of this type of sales should not be felt instantly, but rather it affects the balance of supply and demand in the market, negatively affecting the price.

News of MicroStrategy's intention to buy $400M in Bitcoins and the accumulation of funds by funds such as the Grayscale Bitcoin Trust are helping to counter pressure from miners and some whales who are withdrawing their profits. The former need to secure their operational activities, while the latter entered the market after the March crash and are now in a very good position to withdraw their gains. However, we must understand the Bitcoins that are sold do not disappear from the market, but simply change hands, so this process is normal and healthy for the market, in principle, so a large-scale collapse is not expected."