Market Analysis
Bitcoin s (BTC) sharp correction to $17,650 came as no surprise to investors and many expected the digital asset to fall as low as $16,000. Thus, the quick recovery back to $18,600 is intriguing and it bolsters the popular belief that retail and institutional investors are keen to purchase every BTC dip.
Although the possibility of another drop remains, three factors point toward a Bitcoin bottom at $17,650. The factors are, whale deposits hitting a peak, BTC posting a quick recovery, and trading volume picking up again.
Whale deposits hit a peak
According to CryptoQuant CEO Ki Young Ju, whale deposits hit a peak earlier this week. Typically, when the All Exchanges Inflow Mean indicator reaches a top, a rally follows afterward.