Bitcoin (BTC) price declined sharply after the coronavirus vaccine arrived during the day. The BTC / USD pair has suddenly fallen from the $ 15,700 levels to the $ 15,100 levels and as of now it has failed to sustain the 15,000 support. Famous analyst Byzantine General argues that whales are the main cause of the decline.
Although the news of the coronavirus vaccine had an initial $ 200 rise for the Bitcoin price, this effect did not last long. Faced with a tough selling pressure in a short time, BTC closing the day under 15,000 dollars may increase the panic. Byzantine General, in a statement on the subject, stated that this decline was entirely due to the short position of the whales.
Whales Sell Bitcoin
Whales are going short while retail is going long.
— Byzantine General (@ByzGeneral) November 9, 2020
Stating that while whales open large short positions on futures platforms, individual investors open and continue to take long positions, the analyst actually predicted this decline 2 hours ago.
Considering the post published by the analyst, especially the large number of long positions that are liquidated today and the change in the funding rate give a very clear message. In fact, this decline is not only specific to the leading cryptocurrency and there is an earthquake in the gold markets.
Although there is uncertainty about the direction of Bitcoin for now, it is known that the level of $ 14,000 is especially important.
Falling below $ 14,000, which was previously the last stop of the bull in 2019 and the bull’s key resistance point in 2020, for the price of Bitcoin, may increase fear and selling pressure.