Cryptocurrency trader Lark Davis believes, that the current bitcoin correction does not give any reason to panic
According to him, the current rollback of the bitcoin rate is relatively small, even though, that the entire increase in the BTC rate was lost this month:
"So far, the bitcoin rate is only decreasing., but at the peak of the pullback, BTC was only 11,5% below the recent all-time high. Taking October as an example, then between the peak and the bottom of the bitcoin rate was 14%. The average level of BTC correction during a bull run is just over 20% "
Davis stressed, that in September the BTC rate fell by 25% – from the level $53 000 to $39 600, and the current corrective movement from the historical high can also lower BTC to $53 000.
Based on data from the analytical company Glassnode, the trader used the UPRD metric and highlighted the level $53 000 as an important support:
"The number of people moved for the last time after Bitcoin reached capitalization is higher $1 trillion coins is now 3,45 million BTC. I.e, 18,3% sentences moved at a rate higher $53 000, indicating capital inflows
Large amounts of BTC moved at a rate of over $53 000, which indicates bullish sentiment among many investors. I believe, that the zone is in the middle of the range $50 000 – $60 000 is a key area of BTC exchange rate support "
