Early interpretations suggest that this pullback is due to Bitcoin whales aggressively accumulating the cryptocurrency.
This Wednesday, Bitcoin faces a day of declines in its price, trying to stay above the $65,000 level and approaching new one-month lows. Market projections indicate a possible fall in the short and medium term, lor that could lead to new declines before the expected recovery after the next halving, according to the experts at XS.com. In the last few hours, 72.6 million dollars in bitcoin have been liquidated, of which 49.62 million come from long positions.
The attempt to break through $67,000 has not been successful, and now Bitcoin is at risk of breaking the critical threshold of $65,000 due to strong selling pressure. Analysts warn there could be more selling this week. Other interpretations suggest that this pullback is due to Bitcoin whales aggressively accumulating the cryptocurrency.
From a fundamental perspective, the market shows a decrease in demand for bitcoin, which has significantly lowered its price. It is suggested that there could be a possible drop towards support between $60,000 and $55,000 before a significant recovery, which could take years to materialise.
Elsewhere in the cryptocurrency market,
Impact on market capitalization
The total crypto market capitalization currently remains above the crucial support of $2.29 trillion, moving around $2.38 trillion. TOTALCAP recently fell below the uptrend line that had been in place for a month and a half.
In the last 24 hours, the crypto market has recorded inflows worth about $24 billion. Although this does not compensate for recent losses, it partially improves conditions for investors. However, if TOTALCAP falls below the support of $2.29 trillion, there is a high probability that it will decline to $2.25 trillion.
Source: Ambito
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