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


    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.


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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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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