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Bitcoin Corrects After Touching $34,000 as Holders Likely Pay Monthly Bills

Bitcoin Corrects at the Beginning of the Month as Holders Pay Bills

Bitcoin price started a downside correction below the $32,500 support after reaching as high as $34,141. BTC declined approximately 15% dropping below $30,000, and now sits at $32,422 at the time of writing this post. Watching the market over the last several years has shown the miners and holders alike typically sell around the 3rd-5th of the month, correlating with bills typically due around that time.

Similarly, there was a sharp downside correction in most major alt coins, including Ethereum, Cardano, XLM, LINK, EOS, Ontology, BNB, OMG, NEO, TRX, DOT, and Litecoin. ETH/USD surged towards the $1,175 level before it corrected about $250 and tested the  $900 level. XRP is still trading in a range around the USD $00.22-$00.23 cents.

In the past two sessions, bitcoin price saw a couple of swing moves below $32,500. BTC declined heavily below $30,000 and $29,500. It found support near the $28,500 zone and recently started a fresh increase. The price is back above the $30,000 level and it seems like it could continue to rise towards the $32,500 resistance level.

Bitcoin Corrects at the Beginning of the Month as Holders Pay Bills


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