Bitcoin Dips Below $62,000: Holders Stay Put Amidst Threat of New Lows
Summary:
Despite threats of new lows as Bitcoin (BTC) dipped below $62,000 on April 16, major investors resisted selling. Current market stability depends on Bitcoin maintaining a value above $62,000. Potential low points range from $59,000 in the short term to below $40,000 in the long term. Despite these uncertainties, significant BTC wallet holders have reportedly continued their acquisitions, with those holding between 100 BTC and 1,000 BTC accumulating nearly 44,000 additional coins since March 1, and larger holders gaining over double that quantity.
On April 16, Bitcoin (BTC) dipped repeatedly below $62,000, indicating a potential threat for investors to lock into new local lows. This decline was noticeable during the Asian trading session and marked by data from Cointelegraph Markets Pro and TradingView. Uncertainty permeated risk-asset markets globally, impacting United States stocks and hindering Bitcoin's recovery.
Renowed trader, Skew, highlighted the importance of Bitcoin maintaining above $62,000 to envision a substantial recovery in his recent market update. Reflecting on the upcoming weekly close, he pointed out a shift towards a risk-off sentiment on exchanges, underlining a growing sense of pessimism in the perpetual swaps markets. He also hinted at the possibility of a bullish response during European trading hours, although no significant moves were observed.
Furthermore, predictions for Bitcoin's potential low points stretched from $59,000 for the day to below $40,000 in the long term, according to a previous report by Cointelegraph. Monitoring platform, Whalemap, identified $52,000 and $48,000 as additional critical levels. The Whalemap team stressed the importance of Bitcoin supporters to remain steadfast, else anticipate a market realignment.
Simultaneously, sell-side liquidity bands positioned above $64,000 were demonstrated by monitoring resource, CoinGlass. However, whales seemed to demonstrate reluctance in selling amidst falling markets.
In a study conducted by the research firm, Santiment, tracking large BTC wallet cohorts revealed Bitcoin key stakeholders showed no indication of selling, despite the fluctuating market prices. Wallet holdings between 100 BTC and 1,000 BTC have accumulated nearly 44,000 coins since March 1, with larger holders gaining more than twice that amount. This growth occurred notwithstanding Bitcoin's most recent peak on March 14.
Published At
4/16/2024 5:42:30 PM
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