Bitcoin (BTC) slid under $33,000 for the first time in over a week on Jan. 21 as selling pressure gathered to drive price action lower.
Data showed BTC/USD continuing its downtrend on Thursday, dropping 7.% on the day and failing to bounce off $33,000 support.
Major Signals
Bitcoin price experienced a massive fall below 33k on Thursday 21 January
On Friday, the price dropped further to little above 32k USD
Bitcoin (BTC) later traded around $33,608 during the weekend , gaining 5.3% over the previous 24 hours.
The latest move, which brings Bitcoin down over 13% versus its highs from Tuesday, came amid increased selling at Coinbase Pro, the professional trading arm of United States cryptocurrency exchange Coinbase.
Major spikes in volume at Coinbase Pro had accompanied price volatility in recent weeks. This time, it was a dip in the so-called "Coinbase Premium" which signalled selling was underway — the difference in price between the BTC/USD pair at the venue and others suddenly decreased.
"It seems $BTC sellers came from #Coinbase. Coinbase Premium Index has been a negative value since an hour ago," Ki Young Ju, CEO of on-chain analytics resource CryptoQuant, summarized on Twitter uploading the accompanying chart.
Coinbase whales might want $BTC to go lower for consolidation."
A day earlier, Ki had highlighted a corresponding increase in deposits across exchanges from whales, indicating a potential desire to trade or sell BTC at prices at or below the mid-range of its trading corridor between $30,000 and $40,000.
Another trend since Bitcoin began ascending to new all-time highs was a transfer of wealth from small investors to whales, the latter buying up the supply during every price retracement.
