Three Reasons Why Bitcoin Price Will Drop to $92k in the Coming Weeks

The post Three Reasons Why Bitcoin Price Will Drop to $92k in the Coming Weeks appeared first on Coinpedia Fintech News

Bitcoin (BTC) has signaled further midterm weakness. The flagship coin has been retesting a crucial psychological support level around $100,000 and has weakened it every time.

Why Is Bitcoin Price Likely to Retest $92k Soon? Failed ‘Uptober’ bullish narrative amid crypto liquidity crunch 

After Bitcoin price recorded its first red October in six years, it has been trapped in a mid-term falling trend. The flagship coin has dropped 20% since hitting its new all-time high (ATH) around $126k during the first week of October.

The BTC/USD pair has retested a crucial support level of around $100k and dropped to $99k twice this week. As such, the Bitcoin price is likely to drop further in the midterm fueled by the ongoing liquidity crunch.

Earlier this week, Wintermute noted that the crypto market has not experienced a new wave of cash inflow but a rotation of existing capital.

Re-awakening of old whales increases traders’ fear of further correction

According to on-chain data from CryptoQuant, old whales, led by Michael Saylor’s MicroStrategy, have been moving their Bitcoins in the recent past.