Bitcoin price drops below $ 18,000 – time to watch these support zones for whale clusters

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Bitcoin (BTC) price fell below the support level of $ 18,000 on November 22nd. This is due to the fact that BTC continuously recorded high OTC and institutional volume in November.

BTC / USD 1 hour chart. Source: trade view

Data suggests that growing institutional demand was likely one of the main catalysts behind the BTC price rally to $ 18,965.

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According to data from Skew, Grayscale Bitcoin Trust’s volume in OTC markets increased significantly in the fourth quarter.

OTC Markets is a US stock exchange where institutional and accredited investors can buy a variety of stocks. The Grayscale Bitcoin Trust is traded on OTC markets, much like an Exchange Traded Fund (ETF).

Daily volume of grayscale bitcoin trust. Source: TradingView.com

This is an institution-led Bitcoin rally

There is a distinct difference between the sustained uptrend and the 2017 rally. This time around, Bitcoin has shown more composure and stability throughout the uptrend, taking back key levels of resistance one by one.