Bitcoin drops after briefly reaching $78K
Bitcoin’s price dropped after briefly reaching $78,000. The cryptocurrency’s inability to hold above $78,000 was due to selling via derivatives putting pressure on its price.
The spot market absorbed some of the selling, softening the blows delivered by sellers and reinforcing Bitcoin’s $74,000 support. Orderbook depth data shows sellers present from $77,700, with asks thickening from $78,000 to $80,000.
A Bitcoin whale has been using a time-weighted average price method to buy 450 Bitcoins per day for the last 8.5 days, taking advantage of the lower prices.