Why Bitcoin Price Rally Flipped?
The Bitcoin price rally accelerated to hit the highest ever levels in history above $58K in the past week. However, the bears were on the notch to slash the price down to the current levels, probably providing an opportunity for the altcoins to flourish.
The dip intensified in the past couple of hours dropping to levels close to $53K and many altcoins also followed the suit. But what changed suddenly that led to such a drastic dip?
As per an analyst, investor and entrepreneur Alistair Milne, the possible reasons may be the high rates, the shift of focus of the institutions, profit extraction, etc.
Why the dip?
– funding rates very high
– Saylor finished buying
– many can't take profits on weekneds
– @Cryptopathic took profits
Obvious levels: $52k, $50k (run stops here), $48k … must not go lower than $42k imo
— Alistair Milne (@alistairmilne) February 22, 2021