(Coin Telegraph) - Bitcoin's sharp correction to $17,650 came as no surprise to investors and many expected the digital asset to fall as low as $16,000.
Thus, the quick recovery back to $18,600 is intriguing and it bolsters the popular belief that retail and institutional investors are keen to purchase every Bitcoin dip.
Although the possibility of another drop remains, three factors point toward a Bitcoin bottom at $17,650.
The factors are, whale deposits hitting a peak, Bitcoin posting a quick recovery, and trading volume picking up again.
Whale Deposits Hit a Peak
According to CryptoQuant CEO Ki Young Ju, whale deposits hit a peak earlier this week. Typically, when the All Exchanges Inflow Mean indicator reaches a top, a rally follows afterward.
All Exchanges Inflow Mean. Source: CryptoQuant
Whales pose the biggest threat to Bitcoin's short-term performance because they can place immense selling pressure on the asset in a short period. Hence, when fewer whates are able to sell, it is bullish for Bitcoin.
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