The price of Bitcoin fell to the level of previous trading sessions as short-term holders of the first cryptocurrency and speculators switched to profit-taking.
According to CoinMarketCap data for November 14, the market value of Bitcoin fell by 4% per day, returning to the levels of previous trading sessions at the levels of $87,500-$88,800. Bitcoin growth rates on the weekly timeframe fell from 24% to 17%.
Over the past 24 hours, the volume of spot bitcoin trading on the Binance exchange exceeded $52.5 billion, which demonstrates the propensity of short-term holders and speculative crypto investors to take profits. This is confirmed by data Matrixport analysts.
Experts noted that the total volume of bitcoin trading on popular cryptocurrency platforms per day reached $145 billion, which is almost 50% higher than the level observed during the sharp collapse of the crypto market in early August and growth in March of this year. Increased activity by retail crypto investors failed to support the session high of $91,800, causing the Bitcoin rate to decline to $87,750.
The positive news agenda and the absence of serious negative factors suggest that the decline in the value of Bitcoin bears signs of an inevitable technical correction, which was a consequence of the fatigue of the crypto market against the backdrop of a long upward rally of Bitcoin and reaching the limit values ​​of the fear and greed index from 85% to 92%.
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Source: Cryptocurrency
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