The post Bitcoin Price Dips Below $65,000 Amid Whale Activity and Investor Anxiety appeared on BitcoinEthereumNews.com.

Bitcoin recently dipped below the $65,000 threshold, trading at $64,886, causing concern among traders in the cryptocurrency market. This movement represents a continuation of a downward trend over the past week, where Bitcoin lost about 2.4% of its value. In just the last 24 hours, Bitcoin’s price fell another 1%, underscoring increased market volatility and trader anxiety. Explore the reasons behind Bitcoin’s latest dip, how it affects the broader market, and whether it’s an opportune moment to buy in. Should You Panic? Santiment’s blockchain analytics reveal a significant shift in market sentiment as Bitcoin experiences its steepest three-day decline in active wallets since March. This decline signals changing investor behavior and growing market uncertainty. In stark contrast, Ethereum wallets continue to grow, reflecting a divergent confidence in ETH. This trend marks a bullish outlook for Ethereum despite Bitcoin’s bearish phase, as reported by Bitfinex analysts. They note that long-term Bitcoin holders and whales are adjusting their portfolios in response to market consolidation, a typical defensive move during uncertain times. Bitfinex data indicates that the Hodler Net Position Change metric has consistently shown negative values, suggesting major players are transferring their holdings to exchanges, likely to sell. This behavior increases market supply and can further drive down Bitcoin prices. Should You Buy? Despite the current bearish trend, some analysts remain optimistic about a potential rebound. The well-known analyst CrediBULL Crypto recently mentioned on X that BTC could be nearing its support levels, proposing that the current price might be the market’s front-running of a deeper low. There’s a chance our $BTC bottom is in with this SFP. Below is what I am watching for now. Yes, we can still technically go lower into the “dream long” zone below, but as I’ve previously said it would not surprise me to see that…

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Filed under: News - @ June 19, 2024 3:16 am