The post Whales Bullish on Bitcoin While Degens Trying to Push Price Lower: May Reach $100K Only if This Trade Plays Out Well appeared on BitcoinEthereumNews.com.

The post Whales Bullish on Bitcoin While Degens Trying to Push Price Lower: May Reach $100K Only if This Trade Plays Out Well appeared first on Coinpedia Fintech News The crypto markets have entered a strong bullish range after the historical win of Donald Trump as he became the 47th president of the state. This move was extremely important as the markets consolidated, maintaining less volatility just before the elections and breaking out of the zone soon after the results. This suggests the whales, institutions and retail traders are bullish on Bitcoin, which substantiates the bullish claim of marking $100K in a short while from now  After displaying a monstrous rally, the bulls seem to have relaxed a bit as the bears are extracting some profits, pushing the prices below $75,000. Meanwhile, the token remains much above the pivotal support at around $72,500, indicating the recent move could be just a small preview of the upcoming bullish action.  Bitcoin ‘Dengen’ Get Activated—Will the Push the Price Below $74,000? As the token marks a new milestone, Senator Cynthia Lummis, a Bitcoin advocate, proposes a strategic BTC reserve plan aiming to stack up nearly 1,000,000 BTC over the next 5 years. Besides, the spot ETF volume hit a new high of over $6.5 billion with the demand reaching its peak. The big players are making huge moves as Blackrock’s IBIT records a volume of over $4.17 billion.  After a monstrous move, the markets have clam down a bit as the FOMC meeting is expected to shake up the market in a short while. The rise in the price has also invited some shorts who look for a pullback close to $74,000 or slightly below these levels. As per the data from Coinglass, nearly $90 million in shorts have been accumulated around this…

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Filed under: News - @ November 7, 2024 6:22 am