Bitcoin Price Dips Below $ 18K – Time To Look At These ‘Whale Cluster’ Support Areas

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The price of Bitcoin (BTC) fell below the support level of $ 18,000 on November 22.

BTC / USD 1 hour chart. Source: Tradingview

The data suggests that growing institutional demand was likely one of the main catalysts for BTC’s price hike to $ 18,965.

According to Skew’s data, Grayscale Bitcoin Trust’s volume in the OTC markets increased significantly in the fourth quarter.

OTC Markets is a stock exchange in the United States that allows institutional and accredited investors to purchase various securities. The Grayscale Bitcoin Trust trades on the OTC markets, like an exchange-traded fund (ETF).

Daily Bitcoin Trust Volume in Grayscale. Source: TradingView.com

This is a Bitcoin rally led by an institution

There is a clear difference between the current uptrend and the 2017 rally. This time Bitcoin has shown more poise and stability throughout the uptrend, consecutively recovering major resistance levels.

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