Bitcoin Price Prediction as Whales Sell $1.2 Billion BTC – Will BTC Fall to $60K?
Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, is struggling to maintain its value, staying below the $65,500 mark and hitting an intraday low of $64,100.
The global crypto market cap was $2.37 trillion, reflecting a 24-hour decline of 2.50%. This bearish trend is largely attributed to the US Federal Reserve’s hawkish stance, which has exerted significant pressure on the crypto market.
Additionally, large outflows from Bitcoin ETFs such as Fidelity’s FBTC and Grayscale’s GBTC indicate a bearish sentiment, further contributing to the downward pressure on Bitcoin’s price.
Data from CryptoQuant indicates that whales have sold over $1.2 billion worth of Bitcoin in the past two weeks. These significant holders of Bitcoin show minimal signs of renewed buying interest, suggesting continued lack of upward momentum for the cryptocurrency.
Analysts noted, “Traders are not increasing their Bitcoin holdings, and demand from large holders remains weak.” Observers suggest that crypto miners might be turning their focus to the rapidly growing AI sector, selling their Bitcoin rewards instead of holding onto them.
WHALES DUMP $1B WORTH OF BITCOIN IN TWO WEEKS – TIME TO PANIC?
– According to data analytics company CryptoQuant, whales have sold a staggering $1.2 billion worth of $BTC over the last two weeks alone.
– What’s more, the firm points to a lack of renewed demand across these… https://t.co/b8Ncz2LiwG pic.twitter.com/q12cNpfOlc
— BSCN (@BSCNews) June 19, 2024
Both the cryptocurrency and AI sectors heavily depend on powerful computing chips to operate and maintain data.
Key Points:
The broad-based US dollar remains under pressure due to weaker retail sales and easing inflation data, raising market expectations for
