Bitcoin at $70K: Here’s why whales are refusing to sell so high

Accumulation by retail investors slowed down, and activity on the BTC network remained high.remained stagnant. Despite the plenty of opportunities for Bitcoin whales to indulge in profit-taking, most of them continued to HODL.Data from Crypto Quant indicated that most whales had not caved into the temptation of selling their holdings.

Additionally, whales holding onto their BTC can dampen price volatility, making the market more attractive to institutional investors who are wary of large swings.Bitcoin whales may be holding onto their BTC due to anticipation surrounding the upcoming halving event. The halving, which occurs approximately every four years, is a programmed reduction in the reward for mining new blocks on the Bitcoin blockchain.

Historically, previous halving events have been associated with periods of increased scarcity and upward price pressure for Bitcoin. Therefore, whales may be strategically holding onto their BTC in anticipation of a potential price appreciation following the halving.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

As Bitcoin nears $70K, how this group will help your BTC holdingsSome Bitcoin whales are seeing beyond the current price trend as some wallets have increased their holdings.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Bitcoin price back above $70k as ETF inflows fuel push toward a new ATHThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Bitcoin holding above $70K amid Q1 end, Bankman-Fried sentencingBitcoin (BTC-USD) is holding above $70,000 on Thursday, the final trading day of the first quarter of the 2024 fiscal year. Year-to-date, the cryptocurrency ...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

FOMO returns as DOGE rallies 22%, Bitcoin climbs back above $70kThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Bitcoin price consolidates below $70k after volatile week, analysts remain bullishThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Bitcoin above $70K again – Here’s why it happened and what could changeBitcoin’s [BTC] price action once again gained bullish momentum as its value surpassed the $70k mark after plummeting under $66k.
Source: CryptoAmb - 🏆 22. / 68 Read more »