Reserve

2024

Bitcoin

<p>The post <a href="https://coinpedia.org/news/bitcoin-price-today-whale-selling-and-market-fear-hit-btc-price/">Bitcoin Price Today: Whale Selling and Market Fear Hit BTC Price</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin (BTC) price closed on a bearish note last week after slipping below the crucial support level between $56,500 and $61,466. Although the flagship coin seems to form a macro bullish flag, mild panic has increased the overall fear. As <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> hovered around $55,422 on Monday during the early European session, the fear and greed index dropped further towards 28, suggesting more fear.&nbsp;</p> 
<p>For the first time since last October, Bitcoin price consistently closed below the 200-day Moving Average (MA) in the past five days.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-what-s-fueling-heightened-bitcoin-selling-pressure">What’s Fueling Heightened Bitcoin Selling Pressure</h2> 
<p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> has suffered bearish sentiment in the past few weeks, fueled by heightened whale selling pressure. The German government has been offloading its Bitcoin holdings in the past few weeks. Despite reports of possible Bitcoin buyback by the German government over the weekend, the country sold coins worth over $85 million on Sunday.&nbsp;</p> 
<p>The US-based <a href="https://markets.coinpedia.org/bitcoin-etf/" target="_blank" rel="noreferrer noopener">spot Bitcoin ETFs</a> have experienced low demand in the past few weeks as BTC miners accelerated selling rates to cover operational costs.</p> 
<p>Meanwhile, the crypto industry is awaiting economic clarity from the US Federal Reserve later this week. Anticipated US interest rate cut later this year, amid the upcoming general election, is expected to trigger a crypto bullish outlook. Moreover, major stock indexes have recently continued to have a bullish outlook.</p> 
<h2 class="wp-block-heading" id="h-what-next-for-bitcoin-price">What Next For Bitcoin Price?</h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Something like this maybe.<br><br>2019 vs 2024<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://t.co/7YM10kHbWb">pic.twitter.com/7YM10kHbWb</a></p>— Inmortal (@inmortalcrypto) <a href="https://twitter.com/inmortalcrypto/status/1810103491777757636?ref_src=twsrc%5Etfw">July 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Bitcoin price has been forming a weekly bullish flag in the past four months, which could yield a new all-time high later this year. According to a popular crypto analyst Benjamin Cowen, Bitcoin price must reclaim the 200D SMA as a support level to increase the chances of bullish recovery during the fourth quarter.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">I think <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> dominance will top around 60% between September and December of 2024. <br><br>I think <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> dominance will go down in 2025. <br><br>I’m probably wrong, but that is just my opinion. <a href="https://t.co/eAvbbarZJR">pic.twitter.com/eAvbbarZJR</a></p>— Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1810016076870119503?ref_src=twsrc%5Etfw">July 7, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Meanwhile, Cowen opined that Bitcoin dominance will continue to rise in the coming months towards 60 percent, and will reverse next year to pave the way for the much-anticipated altseason.</p> 
<p>Read Also: <a href="https://coinpedia.org/news/crypto-investment-strategy-top-5-best-bet-altcoins-amid-market-crash/" target="_blank" rel="noreferrer noopener">Crypto Investment Strategy: Top 5 Best Bet Altcoins Amid Market Crash</a></p>

Bitcoin Price Today: Whale Selling and Market Fear Hit BTC Price

Innehållsförteckning

CoinPedia News

Andra artiklar publicerade 8 juli 2024

This Dog Coin Is Entering A Zone Of 'Very Attractive Valuations,' Says Trader...And It's Not SHIB...

Authy 2FA App Leak: Twilio Admits User Data Got Leaked to Hackers

Curve DAO Token (CRV) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Bitcoin, Ethereum, And Dogecoin Drop Again: Analyst Warns Of A Major Decline If Bitcoin Falls Bel...

Crypto Regulation Sparks Legal Spats: Ripple, SEC And Pending S-1 Approvals In Focus

Notcoin Price Prediction: Market Rebounds Strongly, Is $1 the Next Stop?

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!