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Bitcoin Looks for Support at $17,000 After Bulls Collapse

bitcoin price BTC
bitcoin BTC

Bitcoin was lower on the day but looking for support above $17,000 as the coin looks to recover from Thursday’s price rout. The world’s largest crypto was trading near $19,600 with a shot at the all-time highs, but the price crashed to lows of $16,218.

The move lower in BTC happened as so-called “whale” investors moved their holdings to exchanges. This is usually done in anticipation of profit-taking and CoinDesk noted that “the average size of inward-bound transactions to trading platforms has risen to eight-month highs.” This could see further profit-taking in BTC and make new highs less probable.

Bitcoin may have failed to register a new all-time high in price this week, but the coin did register a new high for its market cap. The previous high in the late-2017 rally was near $328bn and this week it hit $350bn. There may be a move of whales to take profits but this could be a small bump in the road for the rally as volumes increase via Paypal and institutions.

Bitcoin Technical Outlook

BTCUSD is looking for support on the 4H chart above $17,000 and a move higher with a $17,500 close would see the coin target the 50-day moving average at $18,200. Traders should be wary of whale activity if it creeps higher. The Investing Cube team is currently available to help all levels of traders with the Forex Trading Course or one-to-one coaching.