recently been in a downtrend mainly due future contracts expiration last january priced around $10k region. I was correct with the play of these big boys. Shorting on the futures
and they will try to buy on the very low price and place a bet on the long side for their future contract trading. I have this theory on our telegram channel and it did play out. Remember before the bitcoin
price drop around December 23 onwards, price went to an all time high price, because institutional money initially jumpstart the bandwagon and then dumb money went in. After these FOMOs join in , institutional players place a bet shorting bitcoin
price expiring this week and also sold their btc
, which is pretty smart play. They make money 2x and also now they were able to bought some cheap coins and probably they had place a buy on their future contracts.
Technically we may see different bullish
indications but $12k-$13k is a strong resistance and a crucial level that could either cause of another fall down on btc
price or start of a further movement upside.