Bitcoin Stagnates; Is the Bull Trend Over Already?
Bitcoin is not going anywhere right now, but thanks to strong whale support, it is unlikely to fall very far.
Quick overview
- Bitcoin (BTC) reached $117,642 but fell back to around $116.7K, showing sluggish movement due to negative market factors.
- Despite a 1.07% gain over the past week, doubts about Bitcoin's bullish potential remain amid sticky inflation and high tariffs.
- Major investors, or 'whales', like MicroStrategy and Binance are accumulating Bitcoin, which may help stabilize its value.
- The actions of these whales could significantly influence Bitcoin's market momentum and potential for growth.
Live BTC/USD Chart
Bitcoin (BTC) climbed to $117,642 (BTC/USD) on Thursday, and it looked like it would keep on ramping up, but the coin dipped through the day and fell back around $116.7K on Friday.
It looks like Bitcoin may not be going bullish after all. Even though the stock markets had a mostly positive day on Thursday, with the Nasdaq setting a new record, Bitcoin ended the day very close to where it started.
BTC/USDOver the past week, Bitcoin has gained just 1.07%, which definitely casts doubt on any notion that the coin is going bullish. It could still surprise over the weekend, however, but with sticky inflation, no new interest rate cut, and high tariffs taking effect, we find it doubtful that Bitcoin will have a very good weekend.
For the last 24 hours, Bitcoin’s market cap has been nearly unchanged, as is its trade volume. These numbers are holding mostly steady, so Bitcoin does have a good foundation to build from if it starts to gain upward momentum.
Where Bitcoin Might Find Momentum
The whales are definitely trying to make a move with Bitcoin. MicroStrategy continues to buy up absurd amounts of Bitcoin, with the company now owning nearly 3% of all Bitcoin in circulation.
Back in February, Tesla bought up $1.5 billion in Bitcoin, which makes sense because the company allows payments in Bitcoin. If they can move the needle to make BTC more accepted as a form of payment, then that will help the digital currency reach a wider market and improve its value.
Binance is one of the top Bitcoin holders in the world, and for this leading cryptocurrency exchange, it is a smart business move. They hold Bitcoin as a way to back up customer holdings, and they ensure that they keep at least as much Bitcoin on hand as their customers purchase.
It is the whales that are likely to decide how quickly Bitcoin hits a new milestone, as their major investments have the most market pull. Because they are not selling off their coins, they are helping to keep the support level high for BTC and give the coin a chance to grow in value.
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