2024

Bitcoin

April

<a href="https://bitcoinworld.co.in/why-is-bitcoin-btc-struggling-to-surpass-its-all-time-highs-crypto-research-firm-explains/" title="Why Is Bitcoin (BTC) Struggling To Surpass Its All-Time Highs? Crypto Research Firm Explains" rel="nofollow"></a>
The struggling of <a href="https://bitcoinworld.co.in/bitcoin-btc-price-fell-below-us70000-after-us-jobs-data-and-ecb-rate-cut/">Bitcoin</a> (BTC) to surpass its all-time highs is attributed to a slowdown in stablecoin minting following the halving event, according to cryptocurrency research firm 10x Research. 
In its latest report <a href="https://twitter.com/10x_Research/status/1799988497186771173">shared</a> on Sunday, 10x Research highlighted that the Bitcoin halving event that occurred on April 20 led to a notable slowdown in the minting of stablecoins.&nbsp; 
Furthermore, wallets holding more than $10 million in stablecoins have seen a decline. This trend is currently impeding Bitcoin’s progress. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 BIG Week for <a href="https://twitter.com/hashtag/BITCOIN?src=hash&amp;ref_src=twsrc%5Etfw">#BITCOIN</a>: 100,000 Bitcoins Removed From Exchanges -&gt; 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;">1-11) Currently, near the top of its range, Bitcoin faces a challenge in breaking above new all-time highs. This can be attributed to the Bitcoin halving on April 20. Following this event, the minting of… <a href="https://t.co/XOIGVGrZuT">pic.twitter.com/XOIGVGrZuT</a> 
 — 10x Research (@10x_Research) <a href="https://twitter.com/10x_Research/status/1799988497186771173?ref_src=twsrc%5Etfw">June 10, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Typically, a spike in stablecoin holdings indicates strong buying pressure and bullish sentiment in the market. Most traders use stablecoins to enter and exit trades on cryptocurrency exchanges. 
Conversely, a drop in stablecoin reserves underlines weakening demand for cryptocurrencies. 
Additionally, the report revealed that nearly 100,000 Bitcoin, worth $6.75 billion, were withdrawn from exchanges last month. This record-breaking movement was primarily driven by two U.S.-focused exchanges, Kraken and Coinbase, which saw withdrawals of 55,000 BTC ($3.8 billion) and 24k BTC ($1.7 billion) respectively. 
The sharp fall in Bitcoin’s reserves on exchanges indicated a sell-side liquidity crisis, meaning that demand was outpacing supply. 
The latest report comes following an optimistic forecast by 10x analysts last week.&nbsp; 
A head-and-shoulders formation for Bitcoin could soon break through the resistance line, possibly pushing its price toward $83,000 in the near term, the report read. 
Another bullish forecast observed that Bitcoin is nearing a significant technical breakout, potentially reaching a milestone of $100,000. Maintaining levels above $70,000 could increase the likelihood of the King Crypto reaching $100,000. 
<figure id="attachment_74088" aria-describedby="caption-attachment-74088" style="width: 100%" class="wp-caption aligncenter">
 <img fetchpriority="high" decoding="async" class=" wp-image-74088" src="http://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-51-483x300.png" alt="" width="568" height="353" srcset="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-51-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-51.png 760w" sizes="(max-width: 568px) 100vw, 568px">
 <figcaption id="caption-attachment-74088" class="wp-caption-text">
 BTC Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
At the time of writing, Bitcoin was exchanging hands at $69,361, rising marginally by 0.42% in the last 24 hours, according to data from <a href="https://coinstats.app/coins/bitcoin/">Coinstats</a>. 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Why Is Bitcoin (BTC) Struggling To Surpass Its All-Time Highs? Crypto Research Firm Explains

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