Bitcoin Up to $115K, Whales Could Cause Trouble
Bitcoin has regained some of its lost value but may have trouble as the whales start to sell off their coins.
Quick overview
- Bitcoin has recovered slightly to $115,231 after dropping to $114K, but faces selling pressure from whales.
- Whales are actively selling their Bitcoin, with one notable owner offloading 1,176 BTC, which may hinder Bitcoin's recovery.
- Investor interest has shifted towards Ethereum, which has outperformed Bitcoin recently, leading to decreased confidence in BTC.
- Despite being up 21% for the year, Bitcoin struggles to regain its record high, while Ethereum continues to attract more investors.
After Bitcoin (BTC) fell to $114K this week, it looked like the coin might stay low, but now at $115,231 (BTC/USD), Bitcoin is regaining some of its losses.
How long can Bitcoin remain elevated? The digital asset added 0.43% over the last 24 hours, but there is selling pressure from whales as one of the original whale Bitcoin owners has sold off 1,176 Bitcoin from two of the largest BTC wallets.
BTC/USDOver the last week, Bitcoin has added 2.14% to its total, but that may not last for long. Whales are active right now selling off their long-held bitcoin at a time when the token is having trouble regaining its record high. Investor sentiment is also down, with investors more heavily interested in Ethereum (ETH) at the moment. That coin has performed better in recent months, leaving Bitcoin to flounder between $110K and $118K for weeks.
Bitcoin Price Prediction as Selling Pressure Increases
Dormant wallets are being activated, and investors are shedding their Bitcoin right now. We have seen this happen a few times in the last week, as whales who made significant purchases of bitcoin this year are getting rid of their accumulated tokens. With selling pressure high, Bitcoin may continue to have trouble climbing back to its record high.
The coin is up about 21% for the year so far, but it has not been able to regain its record high for a month now, and that has caused investors to lose interest and faith in the coin and move on to Ethereum. The same whale who is selling their Bitcoin in large quantities right now sold off 34,991 BTC and exchange it for Ethereum is now selling more BTC. This could signal a larger trend of trading in Bitcoin and switching over to a higher performing cryptocurrency.
Bitcoin will likely continue to struggle to regain its high while being outperformed by Ethereum. This may continue for several weeks, until Bitcoin can get some upward momentum going and hold onto its gains better. A few factors could help the coin do that, including the upcoming interest rate cut and a trade deal between China and the United States. These factors could contribute to a stabler economy that leaves more room for investors to make risky purchases.
Even so, Ethereum is the stronger coin for now. That was not the case early on in the year, but ETH has definitely stolen the limelight from Bitcoin and is more appealing to investors at this time.
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