Bitcoin drops to $17,000

The main cryptocurrency does not stand still and continues its decline. This indicates that part of the crypto community expecting to see BTC at $15,000 or $12,000 may be right.

The main digital asset showed a reversal after conquering the $18,300 level, which was last a month ago. Short-term investors after such growth began to take profits, which brought down the coin by $1,300 in 2 days.

Now the cryptocurrency market is still showing a downward movement and continues the crypto winter season. Most long-term investors have not yet entered their perpetual long positions and are waiting for a better opportunity to do so.

This is evidenced by derivatives statistics collected from various cryptocurrency exchanges. On Binance, about 40% lost their interest in long positions. Considering that about 60% of traders who prefer derivatives trade on this cryptocurrency exchange, these statistics indicate the general mood.

However, it is not only Binance that is trending away from derivatives trades. On Crypto.com, for example, positions were reduced by 83%, and on OKX and Bybit, by 21% and 19%, respectively.

There are also opinions that in the near future the crypto winter season will come to its logical conclusion and BTC will find the bottom, after which it will turn into a new full-fledged bullish cycle. Recently, Bitcoin has reached a very strong support level, a two-year low, and now the coin is at the level of November 28, 2020.