Bitcoin price dips below $18K — Time to watch these ‘whale cluster’ support zones

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Bitcoin (BTC) value dropped beneath the $18,000 help degree on Nov. 22. This comes after BTC repeatedly noticed excessive over-the-counter (OTC) and institutional quantity all through November.

BTC/USD 1-hour chart. Supply: Tradingview

Information means that the rising institutional demand was doubtless one of many major catalysts behind the BTC value rally to $18,965.

In response to the information from Skew, Grayscale Bitcoin Belief’s quantity on OTC Markets elevated considerably within the fourth quarter.

OTC Markets is a securities alternate within the U.S. that permits institutional and accredited traders to buy varied securities. The Grayscale Bitcoin Belief trades on OTC Markets, much like an exchange-traded fund (ETF).

Grayscale Bitcoin Belief day by day quantity. Supply: TradingView.com

That is an institution-led Bitcoin rally

There’s a clear distinction between the continuing uptrend and the 2017 rally. This time, Bitcoin has proven extra composure and stability all through the uptrend, consecutively reclaiming main resistance ranges.