
During this sudden $60k #Bitcoin price fall yesterday, its noticeable that Indian bitcoiners refused to follow the global price to keep selling. The INR price premium which usually stays 2~5% was above 11%. Regards to Bitcoin, #India has no public institutional investors. It only has retail, traders and heavy P2P market (Bisq and handshakes). I'm not good to deeply understand trading markets, but this seems like resistance to sell. Price can only continue to fall while someone is still selling lower and lower. Did we run out of sellers at that price?
India is definitely the no.1 country in bitcoin ownership. After all that should have a considerable stand to demand a global price.
Could it be that the global price fall could not continue because the indian traders kept moving more and more bitcoin from the west to the east? We are like that.