Bitcoin (BTC), currently at $117.500 is up 6.1% during the past two week. Binance’s latest data indicates that BTC is currently being supported by retail traders, while the whales are not. noticeably absent.
Bitcoins Hold $117.500 amid High Retail Inflows
Arab Chain reported in a CryptoQuant Quicktake that Bitcoin’s price is currently hovering at $117.500, with retail investors actively investing. Note that large whales are completely absent from the market, which indicates that individuals, rather than large wallets, drive it.
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About 97,000 BTC were inflows from 0 – 0.001 BTC. Similarly, the 0.001-0.001 BTC segment recorded a total of nearly 719 BTC.
This distribution suggests that Bitcoin’s recent rally is driven largely by retail investors. The fact that these investors make numerous, but low-volume purchases confirms the role of individual investors in shaping market dynamics. Arab Chain has added:
These figures show that retail trading dominates Bitcoin. This liquidity, even though it is limited, has contributed to keeping the current market balance.
The current rally in the cryptocurrency market is a good time to emphasize that whales have not been a major factor. In particular, there were no notable surges in BTC inflows above 100 BTC, reducing the possibility of a sudden price drop.
The current market shows that Bitcoin has achieved a level of equilibrium, in part due to the increased participation by retail investors. A scenario like this allows for the market to gradually surge towards the crucial $120,000 resistance.
It is important to monitor any activity by whales, since it can quickly change the direction of the market. The sudden arrival of whales can cause rapid market corrections, just like previous highs.
BTC Experts Differ on Price Action
Bitcoin’s current price is about 5.4% under its highest point (ATH) and there are indications that it may be poised for a rally. BTC has recently rallied. broke above Breakeven at the mid-term for holders reduces the risk of a sudden selloff.
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Recent positive developments – such as the US Federal Reserve (Fed) reducing interest rates by 25 basis points – could reinvigorate the crypto market. Arthur Hayes, a crypto-entrepreneur recently spoke out against that background. reiterated This ambitious BTC $1 Million prediction is a bold one.
Gold bug Peter Schiff opines BTC is likely to have already reached its peak for this cycle of the market. BTC is currently trading at $117.523, an increase of 1.8% over the last 24 hours.
Charts from TradingView.com and CryptoQuant.com.
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Source: www.newsbtc.com
