MicroStrategy drew the ire of the crypto community this week, as they added on to their massive pile of 55,000 BTC worth $5.4 billion. Thanksgiving, however, is around the corner, so that also could have contributed.
“Bitcoin is taking a breather while volatility shifts to put options with $438 Million leave from BTC spot ETFs” reads the report.
Ki Young Ju, the CEO of CryptoQuant, assured us that this pull-off from specializing is natural, as it takes the price to levels of last week, and should not under any circumstances come as a surprise.
“It became clear the market was extreme overbought on the focus of leverage an update had to happen” he averred.
CryptoQuant points out that profit-taking pressure is also yet to meet last March’s peak after the previous all-time high. Such suggests that some pretty good running room continues to beckon Bitcoin, at least in the medium term. If the momentum keeps up, analysts think Bitcoin could be trading around 100 grand in the medium term.
