BTC has been unable to break through the psychological barrier of $100,000. Where does some of the selling pressure come from?
As Bitcoin continued to rise in the crypto market, Bitcoin did not break through the $100,000 mark as the market wished. After reaching its highest point at $99,588, it immediately turned downward.
Long-term Bitcoin holders have sold 128,000 BTC.
Even though the Bitcoin spot ETF absorbed 90% of the selling pressure during the same period,
But this figure still reached the highest level since April 2024.
It can be seen that the profit-taking operations are gradually being carried out.
The rotation of BTC’s liquidity pullback may be an opportunity for the rise of altcoins.
Review of important events since Bitcoin debuted in 2009:
At the end of 2009, Bitcoin was launched for exchange with US dollars, and the price was about 0.1 cents per coin. On May 22, 2010, American programmer Laszlo Hanyec exchanged 10,000 Bitcoins (worth less than 40 US dollars at the time) for two pizzas, completing the first transaction of purchasing physical items with Bitcoin.
In early 2011, the price of Bitcoin exceeded $0.4, and on February 9, it exceeded $1. In June, it approached $30, and closed at $4.7 at the end of the year. In 2012, Bitcoin consolidated and strengthened, experienced a "halving" in November, and closed at $13.5 at the end of the year.
In 2013, the world's first Bitcoin ATM was put into use in Vancouver. The price of Bitcoin exceeded US$100 in April and US$1,000 on November 28. The highest price during the year exceeded US$1,200 and closed at US$805 at the end of the year.
After hitting $1,000 in January 2014, the price of Bitcoin fell to $111.6 in February due to a hacker attack, a drop of nearly 90%, and was around $318 at the end of the year.
2017 was a breakthrough year for Bitcoin. Starting from September, the price of Bitcoin broke through $5,000 and $6,000, and broke through $10,000 on November 28. In mid-December, it exceeded $19,000. Bitcoin futures began trading in December and closed at $13,850 at the end of the year. In 2018, the price of Bitcoin fell and closed at $3,709, down 73% for the whole year. In 2019, the price of Bitcoin soared and then fell, closing below $7,200.
In 2020, the price of Bitcoin fell at the beginning of the epidemic, but due to the Federal Reserve's policies and vaccine expectations, the price of Bitcoin rose by nearly US$20,000 in November, closing at US$28,949.
At the beginning of 2021, Bitcoin continued to rise, exceeding $640,000 in April. In June, El Salvador proposed to make Bitcoin a legal tender. At the end of the year, as the Federal Reserve reduced its debt, Bitcoin prices were sluggish.
In March 2022, as the Federal Reserve raised interest rates, the price of Bitcoin fell. Then, as interest rate expectations peaked and rumors of spot ETFs emerged, the price of Bitcoin exceeded $42,000 by the end of the year.
In January 2024, the Bitcoin spot ETF was approved, and in March the price of Bitcoin hit a new high of more than $73,000.
When Trump was re-elected in November, the price of Bitcoin broke through $90,000 for the first time and approached the $100,000 mark.
Bitcoin dominance (BTC.D) is an important indicator to measure the market value of Bitcoin in the entire cryptocurrency market.
Bitcoin has always been regarded as "digital gold" and its market value continues to grow.
Since the beginning of 2024, the market value of Bitcoin has increased by about $1-1.5 trillion.
And now, with the brief pullback of BTC, the new funds are likely to slowly flow into the altcoin market.
Enter altcoin projects with greater potential.
This trend shows that altcoins are likely to experience a significant growth cycle in the coming months.
It’s not quite the altcoin season yet, which means there’s still time to prepare and buy some of the most promising cryptocurrencies that will have incredible growth in the future.
The following are worth noting: doge
RNDR, FET, LPT, ACT (AI sector)
ENS, PENDLE, UNI (ETH sector)
POLYX, RIO, TRU (RWA sector)
TIA, SUI and SEISolana (public chain)
JTO, BOME, BONK, RAY (Ecology)
The cryptocurrency world has always been a process of survival of the fittest and elimination of the weak! If you don’t want to be eliminated, you must make changes!
Recently, Tianya is planning to ambush a potential coin that is ready to explode. It is very easy to double it. At the same time, I am also planning to find some potential coins to hold until the end of the year. It is expected that there will be no problem with more than 10 times the space. Leave a message, follow, and like
