Future

bullish

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-experiences-significant-whale-activity-despite-downward-trend/" data-wpel-link="internal">Bitcoin Experiences Significant Whale Activity Despite Downward Trend</a> 
Bitcoin (BTC) continued its downward trend from early August, dropping over 2% to approximately $63,981 before moving upwards again. This downward movement is part of a broader trend affecting the entire <a href="https://en.coin-turk.com/kraken-prepares-for-public-offering/" data-wpel-link="internal">crypto market</a>, including altcoins, pulling the total market value to approximately $2.39 trillion. Over $245 million, primarily in long positions, was liquidated in the crypto derivatives market in the last 24 hours, leaving investors wondering what lies ahead. 
<h2 style="text-align: justify" id="strong-high-whale-activity-in-bitcoin-strong">High Whale Activity in Bitcoin</h2> 
Despite the downward trend, Bitcoin continues to see significant on-chain activity, especially from whales. This increased activity is partly due to rising geopolitical tensions in the Middle East, which are expected to devalue fiat currencies over time. As a result, investors are increasingly turning to cryptocurrencies as a hedge against global economic uncertainties. 
Recent market <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> a net cash inflow of approximately $50.64 million into U.S. spot Bitcoin ETFs on Thursday. Additionally, MicroStrategy plans to raise $2 billion to purchase more Bitcoin units, reaffirming its commitment to its Bitcoin strategy. This institutional interest indicates continued confidence in Bitcoin’s long-term potential despite short-term price fluctuations. 
<h2 style="text-align: justify" id="strong-liquidation-wave-in-the-crypto-market-and-future-predictions-for-bitcoin-strong">Liquidation Wave in the Crypto Market and Future Predictions for Bitcoin</h2> 
CryptoQuant data suggests that the recent decline in the crypto market could lead to a consolidation phase in the coming months. This expected consolidation period could be seen as a precursor to a bullish breakout that may push Bitcoin to all-time highs. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-376485" src="https://coin-turk.com/wp-content/uploads/2024/08/Bitcoin.png" alt="" width="551" height="579"> 
Technical analysis also supports this outlook, indicating that the price of the largest cryptocurrency could fall between $48,000 and $53,000 in the coming weeks before a significant upward movement. Meanwhile, the upcoming U.S. presidential elections and anticipated <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rate</a> cuts in the U.S. are expected to foster more bullish sentiment in the crypto market. These monetary policy adjustments could provide the necessary catalyst for a new upward trend in Bitcoin and altcoins. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-experiences-significant-whale-activity-despite-downward-trend/" data-wpel-link="internal">Bitcoin Experiences Significant Whale Activity Despite Downward Trend</a></h5>
The post <a href="https://en.coin-turk.com/bitcoin-experiences-significant-whale-activity-despite-downward-trend/" data-wpel-link="internal">Bitcoin Experiences Significant Whale Activity Despite Downward Trend</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Experiences Significant Whale Activity Despite Downward Trend

Table of Contents

COINTURK NEWS

Other articles published on Aug 2, 2024

XRP Gains Momentum with Price Surge

Decentralized AI gains ground as more protocols collaborate

XRP finally joins Raboo in the green as holders jump from Avalanche

Crtai Network: The CRTAI Project, Unfazed by Bitcoin’s Decline, is Expanding Into The Global Mark...

MicroStrategy stock set to gain 30% if BTC hits $150K in 2025 — Analyst

Dog (RUNES) Saw a Selloff: Further Downside On The Horizon?

Join our free newsletter for daily crypto updates!