Whales Sell Billion BTC: 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 worldwide crypto market cap was $2.37 trillion, showing a 24-hour drop of 2.50%.
This bearish trend is mainly linked to the US Federal Reserve’s hawkish stance, which has imposed tremendous pressure on the crypto market. Substant outflows from Bitcoin ETFs like Fidelity’s FBTC and Grayscale’s GBTC show bearish sentiment, adding to the downward pressure on Bitcoin’s price.
Bitcoin Price and Market Sentiment After Whales Sell $1.2 Billion BTC
In the last two weeks, Whales Sell Billion BTC have sold Bitcoin valued at more than $1.2 billion, according to data from CryptoQuant. The fact that these large Bitcoin holders aren’t showing any signals of wanting to buy again indicates that the cryptocurrency isn’t going anywhere.
“Traders are not increasing their Bitcoin holdings, and demand from large holders remains weak,” remarked one analyst. Rather than hoarding their Bitcoin profits, crypto miners may be shifting their attention to the booming artificial intelligence industry, according to observers.
Powerful computer chips are essential for the operation and maintenance of data in the cryptocurrency and AI sectors.
Key Points:
- Whales sold over $1.2 billion in BTC in two weeks
- Low renewed demand among long-term holders
- Crypto miners may be shifting focus to the AI sector
How US Economic Data Affects Bitcoin and the US Dollar
Weaker retail sales and softening inflation statistics have pressured the broad US dollar, leading market participants to expect rate cuts from the Federal Reserve. Investors expect two rate hikes in 2024, even though the Fed is taking a more aggressive approach and only predicting one hike this year.
The case for the Federal Reserve to reduce borrowing costs sooner than expected is strengthened by weaker economic indicators, such as poor retail sales and dropping inflation, which indicate a slowing economy. The Bitcoin market is experiencing muted and range-bound price activity due to the uncertainty surrounding the Fed’s rate plan.
The US Department of Commerce stated that retail sales in May increased by 0.1%, somewhat lower than the predicted gain of 0.2%. Consumer fatigue and sluggish economic activity are reflected in this weaker reading, which adds fuel to the fire of speculation that the Federal Reserve may reduce borrowing prices earlier than expected.
- Weaker US retail sales and easing inflation data increase expectations for Fed rate cuts.
- Pressure on the US dollar causes uncertainty in the market.
- Bitcoin prices remain subdued as investors await clarity on the Fed’s future actions.
Also Read: Bitcoin Wallets Reawaken After 11 Years: They Made How Much?
Cryptocurrency Market Sentiment After Spot Bitcoin ETF Exits
Bitcoin and other cryptocurrencies have been under intense downward pressure due to recent withdrawals of $152.42 million from spot Bitcoin exchange-traded funds (ETFs), most notably Fidelity’s FBTC and Grayscale’s GBTC. With $83 million, Fidelity’s ETF was the most heavily sold, while Grayscale sold for $62 million. This trend has raised a new gloomy phase in cryptocurrencies and broader market falls.
Since March, altcoins have likewise lost a lot of value, falling from about $760 Whales Sell Billion BTC to $603 billion. Notwithstanding, there is hope for a possible turnaround thanks to fresh investment. Market worries about a potential new negative phase have been exacerbated by the massive outflows from spot Bitcoin ETFs, which have put more downward pressure on BTC and cryptocurrencies.
- Exits from Fidelity and Grayscale ETFs total $152.42 million.
- Altcoins have declined significantly, from $760 billion to $603 billion since March.
- Optimism remains for potential recovery with renewed investments.
Binance CEO’s Positive Bitcoin Price Forecast Amid Market Volatility
Despite the recent turbulence, Binance CEO Richard Teng is bullish on Bitcoin’s future; he predicts the cryptocurrency will reach $80,000 by the end of 2024 and increase in 2025. He drew attention to a distinct market cycle in which Bitcoin was at the forefront, with meme coins following closely behind.
A hawkish stance from the Federal Reserve led to large outflows of $600 million last week from cryptocurrency exchange-traded products (ETPs), contributing to recent drops to approximately $66,000, in contrast to the generally favourable swings among altcoins. Bitcoin trades below $65,500, signalling continuous market volatility and anticipation of possible breakout patterns.
- Binance CEO predicts Bitcoin will exceed $80,000 by the end of 2024.
- The Federal Reserve’s hawkish stance influences recent market declines.
- Significant outflows from crypto ETPs totalling $600 million last week.
Bitcoin Price Prediction
Up 0.51 per cent on the 4-hour chart, Bitcoin’s (BTC/USD) price is $65,500. At $65,700, a pivot point indicates a bearish Bitcoin price prediction, among other critical price levels. On the other hand, $67,800, $68,500, and $66,800 are levels of immediate resistance. Following immediately at $64,200 are $63,200 and $62,300 in support.
According to technical indicators, the 50-day Exponential Moving Average (EMA) is at $65,900, and the Relative Strength Index (RSI) is at 50. The falling channel indicates that Bitcoin is heading in a bearish trend. There is additional evidence that a downtrend may be imminent. The RSI is below 50, and candles have closed below the 50 EMA. Under $65,700, the general trend is still downward. Nevertheless, the bullish momentum might be bolstered if this level is broken.
Wiener AI: The AI Meme Coin with Bite
There has been a flurry of activity from investors in Wiener AI (WAI). A new meme coin is driven by artificial intelligence with a whimsical sausage dog theme.
Beyond the Meme: WAI offers advanced AI trading tools, making it more than just a fun novelty. The project has already raised nearly $6 million in its presale, reflecting strong demand.
AI Boom: The rising popularity of AI, especially after Nvidia’s stellar earnings, is expected to fuel demand for WAI even further.
Passive Income Potential: WAI also offers substantial passive income opportunities. With 20% of the total supply allocated for staking rewards, investors can earn an impressive 396% APY.
Expert Endorsement: Prominent crypto analyst Michael Wrubel has identified WAI as one of his top crypto picks 2024.
Time to Act: The presale price of WAI is currently $0.00072, and it’s set to increase soon. Early investors could see significant gains if WAI achieves market leadership.
