Ethereum

Bitcoin ETF

Bitcoin

The post <a href="https://coinpedia.org/price-analysis/bitcoin-drops-below-52000-while-ethereum-maintains-strength-what-is-holding-back-the-bitcoin-price-rally/">Bitcoin Drops Below $52,000, While Ethereum Maintains Strength: What is Holding Back the BTC Price Rally?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Crypto markets are experiencing a significant change in their dynamics as the prices of the top two tokens, Bitcoin and Ethereum, are fluctuating in diverse directions. The Ethereum price <a href="https://coinpedia.org/price-analysis/ethereum-at-crucial-juncture-whats-stopping-the-eth-price-from-achieving-3000/" target="_blank" rel="noreferrer noopener">marked a high of $3031</a> after a prolonged consolidation of over 2 years, which was expected to lift the momentum of the whole market. Unfortunately, with the advent of the bears, the Bitcoin price is experiencing significant upward pressure while ETH remains consistent.&nbsp; 
Why is Bitcoin facing a rise in selling volume? Will this weaken the ETH bulls? 
One of the major reasons why the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">BTC price</a> maintains a descending consolidation could be the enhanced activity of whales. If the whales accumulate, then the price tends to surge as the traders become hopeful of the upcoming trend. However, according to data from Santiment shared by a popular <a href="https://twitter.com/ali_charts/status/1760007398889021704" target="_blank" rel="noreferrer noopener nofollow">analyst, Ali</a>, the whales may have become bearish on Bitcoin.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/pSR_7T8qu3VokSTfYAwB_ss7h9yRHYJyXs3UaEPShF9A5dzwdBC8EJ8K0B-yh2NrQb1jLK9k5KNmGr1cUUdx_Q41S8PhCQNLyvm7Ckvr7OQ02te3yMZ-KGomAi7m2OrTL-bHp75MIkZY3EWS7cjZ7KI" alt="">
</figure> 
The above chart shows the addresses holding tokens ranging from 1000 to 10,000 BTC have sold over 30,000 BTC in the last 48 hours. The liquidation of more than $1.5 billion worth of BTC may signal the beginning of a distribution phase, which is a noteworthy movement within the market. The whales have been accumulating since the beginning of the year and have accumulated over 300,000 BTC, which assisted in the price rise from levels below $39,000 to the current highs.&nbsp; 
Will the whale liquidation create a fresh bearish case for Bitcoin? 
The Bitcoin price has soared over 35% since the start of the year and over 112% in the past 6 months, after a breakout from the consolidation. Despite this, the traders do not appear to have encountered a ‘FOMO’ condition as the interest in BTC did not convert into extreme greed. The <a href="https://twitter.com/santimentfeed/status/1760060347950768584" target="_blank" rel="noreferrer noopener nofollow">data from Santiment</a> indicates that the social volume over the asset has been considerably high but the lack of greed suggests the prevailing trend may continue.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/ZUUjBufWcTuCbhEY0Da7b5dNWGpz_bK7a7OAJy4PwXjn7J0q54z8d8M5Rs5K6s85UC2yROvLeRDj3RqvxLBIJjivxunRB8Y9KntETh5803CSmERj9IOXlMRR_IfDLVXEHK4AB5GzVss6htPDzdzqdss" alt="">
</figure> 
The above chart displays the trader’s interest in BTC, which has been at decent levels since the beginning. The levels spiked when the spot Bitcoin ETF was approved but this failed to trap the market participants under FOMO. As a result, the Bitcoin price may continue to rise until social dominance spikes, indicating that the token has reached a local peak.&nbsp;

Bitcoin Drops Below $52,000, While Ethereum Maintains Strength: What is Holding Back the BTC Price Rally?

CoinPedia News

Другие статьи, опубликованные 21 февр. 2024 г.

eTukTuk presale passes $1.2m as P2E game development begins

Bitcoin Price Prediction: VanEck’s Bitcoin ETF Volumes Surge 1,400% As Experts Say This BTC Cloud...

Andromeda’s Native Token $ANDR Set to Debut on MEXC Exchange (21 Feb)

Chainlink Surges 175% as Mysterious Whales Shift Millions of LINK

Binance adds Portal (PORTAL) to Launchpool

Team Liquid Revamps Fan Program with Sui Blockchain

Join our free newsletter for daily crypto updates!