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Bitcoin enters the unknown zone, high volatility is expected
Bitcoin (BTC) has been moving between $24,800 and $27,300 over the past two weeks when the US Securities and Exchange Commission (SEC) sued Binance and Coinbase.
BTC, the largest cryptocurrency, took two major plunges on June 5 and June 15 but gained traction over the past week. It registered a 2.7% rise in the last seven days. Bitcoin is up by 1.3% in the past 24 hours and trading at $26,790 at the time of writing.
This might show that short-term traders have been driving the bitcoin price by leveraging on the futures market. Per the data, BTC reacted almost the same on June 5 and June 15, when the flagship asset took deep dives.
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Fidelity may be considering a bitcoin spot ETF Moreover, the number of bitcoin whales has also dropped significantly. According to data provided by Glassnode, the number of large BTC holders with a capital of 10,000 or more coins has dropped to only 114 unique addresses, marking a four-month low.
According to a report on June 19, both BTC and ethereum (ETH) saw a notable decline in selling pressure. In simple terms, a sharp hike in the bitcoin price is possible, similar to the moves over the past two weeks.
Read more:
MicroStrategy’s Michael Saylor gives audacious forecast for bitcoin