Three reasons Bitcoin tumbled below $30,000 in a surprise overnight correction
Intensifying sell pressure saw Bitcoin briefly plummet below $29,000 for the first time since Jan. 5. The fall from $37,000, which happened within 48 hours, resulted in the biggest daily candle ever.
There have been some signs of institutional investors taking profit, as bulls attempt to cement $32,000 as a new support level. Analysts at QCP Capital are seeing signs of institutional exhaustion, and they warned the rally could be in danger if appetite for BTC slows down.
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