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Bitcoin gets rejected four times at $16,000, What it Signifies?

Highlights

    Bitcoin gets rejected multiple times at $16,000 yet again heading towards the same level.

    In the recent past, Bitcoin rejection was seen multiple times at $10K, $11K and $12K.

    A slight correction is expected in the middle of the bull run which is expected to covered soon.

Bitcoin recently touches a new high of $16,000 but unfortunately got rejected as it happened a couple of times before. In fact, Bitcoin has a history of getting rejected multiple times at certain levels before a final breakout or breakdown.

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Bitcoin previously got rejected at $10K for almost 7 times before a dump which bought the price below 9,000. Later it got rejected at $12K for 9 times and again dumped drastically below $9000. The third rejection was at $11K for nearly 9 times but this time, it pumped to the next levels.

bitcoin price

Similar rejections are been viewed currently at $16,000, where the BTC price got rejected 4 times within a week. But now, it appears to very consolidated to reclaim the rejected levels very soon. Bitcoin is strongly heading towards $16,000 and it appears to attain in a couple of hours.

Be Ready for some BTC Corrections

With the BTC price almost hitting the all-time high of 2020, CEO of a crypto analyst platform CryptoQuant Ki Young Ju predicted a slight pull-back. The reason behind the correction mentioned is the exchange whale ratio hitting over 85% which is not suggested in any bull market.

According to the CEO, before the great sell-offs in 2018 and 2020, the exchange whale ratio was ranging between 85%-90%. And in the 2019 bull market, the exchange ratio was maintained below 85%.

However, he also told that the dump would not be very drastic as the bull run would is expected to continue after the dump.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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