Bitcoin Under Pressure But 🐳🐳🐳 Hold Over $331 Billion Of $BTC : A Sign To Buy?
Recent on-chain data presents a contradictory narrative amid Bitcoin's struggle to break free from a tight trading range. Analyst insights reveal significant accumulation of Bitcoin by whales, who collectively hold over 5.1 million BTC valued at $331 billion. This ongoing accumulation contradicts prevailing market weakness and doubts about further declines.
Bitcoin faces resistance at $73,800 and support at $60,000, struggling to breach the $70,000 mark post-Halving event. Despite overall market confidence, the #cryptocurrency lacks sustained upward momentum since April 21 and 22, indicating underlying fragility.
A potential breakout looms if Bitcoin surpasses the middle Bollinger Band, backed by positive fundamental developments, propelling the coin to fresh all-time highs. Conversely, renewed selling pressure could trigger lower lows, potentially breaching April 2023 lows.
Panic selling on major exchanges like #Binance and OKX, with a combined total of 5,137 BTC sold at a loss, coincides with a gradual price decline. Substantial outflows from ARKB, a spot #BitcoinETF , and other spot ETF issuers further reflect investor caution.
Source - newsbtc.com
