“Bitcoin Whales Selling Off BTC, Open Interest Diminishes“
After Bitcoin surged past $37,000 last week, it appears that the bulls are working hard to maintain those levels. Currently, the BTC price is trading at $36,950 while facing downward selling pressure. Data from Santiment shows that Bitcoin whales have been systematically cashing out over the last week, selling or redistributing approximately 60,000 BTC valued at around $2.22 billion. This trend is contributing to a decrease in total open interest (OI) in the futures market, signaling a cautious or bearish sentiment among traders.
“Anticipations of Bitcoin Retracing Amid Regulatory and Market Concerns“
Some analysts anticipate a potential retracement for Bitcoin to $20,000, $25,000, or even below $30,000 due to regulatory changes, macroeconomic influences, and the inherent unpredictability of cryptocurrency markets. Despite this uncertainty, there is optimism that if the bulls can surpass the resistance at $37,033.37, the BTC price may challenge upper resistance at $38,082.91 and potentially reach the year-end target of $40,000.
“Potential Scenarios for BTC Price Movement“
If bears dominate and momentum is lost, the price may test support at $36,000 and could potentially drop further to test crucial support at $33,429.29. Popular crypto analyst Rekt Capital suggests accumulating on deeper retraces and holding or re-accumulating based on market movements.
“Hot Take: Considerations for Crypto Investing“
When investing in cryptocurrencies like Bitcoin, it’s crucial to conduct thorough market research before making any decisions. The market conditions are subject to change rapidly so it’s important to stay informed and be aware of potential risks.
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