Bitcoin Greed Persists Amid Market Volatility; Whales Add 64k Btc As Price Aims For $30k Recovery

featured image

You are here: Home/ News/ Bitcoin News/ Bitcoin Greed Persists Amid Market Volatility; Whales Add 64k Btc As Price Aims For $30k Recovery

Investors in Bitcoin (BTC) remain optimistic despite the fluctuations in its price, as per the Fear & Greed Index, currently at 64 and close to the year’s highest level, indicating a bullish market sentiment and implying that investors are exhibiting more greed than fear.

Bitcoin had maintained a strong market attitude for most of 2023, reaching a high of 68 this month, not seen in 18 months when BTC reached an all-time high of $69,000. This month’s price peaked at $31,000, its highest level in nearly a year.

According to Santiment, an on-chain analytics firm, Bitcoin whales have been quietly accumulating again since profit-taking occurred above $30,000 on April 11. It should be noted that the BTC price hit resistance on its upward course, reverting from highs above $31,050 on April 14 to a low of $26,965 on April 24.

The beginning of 2023 has been historically good in terms of price performance. There have been just a few major corrections along the way, the largest of which was -18.6%.

According to Santiment, the period since mid-April has seen a slight fluctuation and decline in Bitcoin prices, during which time addresses holding between 100 to 10,000 BTC have added 64,094 coins to their holdings. Large holders, or whales, are known to accumulate more coins during periods of dip or consolidation, often at discounted prices.

Will Bitcoin Hit the $40,000 Level? 

In the last week, the price of the top cryptocurrency has increased significantly, leading analysts and stakeholders to make new predictions about its future. While some anticipate a significant decline, others are optimistic about the market’s direction.

Michael van de Poppe, a well-known market analyst, is one of them and thinks a pullback for Bitcoin is healthy. According to him, Bitcoin will keep rising toward the $40,000–$50,000 range if it stays over the $25,300 mark.  The price level had historically been important, acting as a support and resistance zone for Bitcoin minimums and maximums in 2021 and 2022, according to a graphic Van de Poppe used to illustrate his points further.

Bitcoin Greed Persists Amid Market Volatility; Whales Add 64k Btc As Price Aims For $30k Recovery 5

According to Van de Poppe’s forecast, Bitcoin’s 60% growth in value since the start of this year will enable it to surpass $40,000 in the latter half of 2023. Additionally, he anticipates a reversal to $30,000, where the price point would transition from a resistance level to a support level.

However, he noted that this scenario is contingent on the US Federal Reserve not pivoting or changing monetary policy. The Fed shows no signs of reconsidering its decision to hike interest rates, which could affect cryptocurrency prices.

As of writing, Bitcoin stands at $29,351.58, accompanied by a 24-hour trading volume of USD 13,363,797,326. Bitcoin’s value increased by 1.04% in the last 24 hours. As per CoinMarketCap, Bitcoin is ranked #1, with a live market capitalization of $568,225,360,410.

Related Reading: | Binance Expands In Japan With New Service, While Blocking North Korean Access To Platform |

Read More

Share on Google Plus
    Blogger Comment
    Facebook Comment


Post a Comment