Bitcoin (BTC) has fallen below $44,000 to reach its lowest price since February 10th. This shows there has been some constant selling during this weekend coming from Asia. Miners seem to be pushing the price of BTC lower while American traders remain bullish about the future of the digital asset.
Bitcoin Falls Below $44,000
During the European morning this Sunday, Bitcoin has fallen below $44,000 for the first time since February 10th. This comes after a Saturday in which Bitcoin seemed to be sustaining very well above $47,000 during the American trading session.
This is a pattern that has been operating for several months now. Asia continues to push the prices lower (mostly through Bitcoin miners) and the United States helps the price of the virtual currency move higher.
It is worth taking into consideration that most of the miners are currently located in China and some parts of Russia. These miners need to sell their coins in order to fund their operations. In many cases, it is necessary to pay even for employees.
Instead, the American trading session is characterized by constant buying pressure. Not only small investors are entering the market but also larger institutional investors. During the last part of 2020, we have seen how institutions started to acquire Bitcoin on a regular basis and get exposure to the largest virtual currency in the world.
Meanwhile, Europe remains in a neutral stance. There is no massive buying or selling pressure. Thus, there is no large influence of European traders in the market.
The digital asset (Bitcoin) could continue falling and reach a strong support level of $40,000, where in the past it was a strong resistance level for the virtual currency. It is clear that during bull markets there are strong retracements. This happened already in 2017 when Bitcoin moved from below $1,000 to $20,000.
It is also important to wait for Monday and the working hours in the United States. There could come some larger inflow of funds to BTC and other virtual currencies. However, most of the altcoins are registering larger loses than Bitcoin in the last 24 hours. It is worth taking into consideration that larger investors have direct access to BTC but not necessarily to other coins.
This is why Bitcoin remained relatively strong compared to other digital assets in the last months. It is now time to wait and see whether Bitcoin would keep falling or would keep close to the current price level.