The profit-taking comes after Bitcoin reached above 41,946.74 dollars for a new all-time high which also saw the market cap for cryptocurrencies hit over 1.0 trillion dollars for the first time ever. Bitcoin fell by 0.86 percent to sell for 35,164.51 dollars, up 13.16 percent on a weekly basis.
Vijay Boyapati, the author of “the Bullish Case for Bitcoin,” reminded a correction of up to 30-40 percent after a wild upside rally was natural during the 2017 bull run. Retailers bought every dip to push the Bitcoin price higher. But in 2020, institutional players have replaced the retailers, which has translated into volatile bullish moves with minimal corrections.
“In the current bull market demand seems to appear after corrections between 15-20 percent,” explained Boyapati. “This is probably indicative of a difference in buyers: retail in 2017 vs institutional today.” (Table)