The post Whales control Bitcoin’s fate: How they can keep BTC above $80K appeared on BitcoinEthereumNews.com.

Bitcoin at $80K means higher stakes, setting the stage for massive market volatility. Now, more than ever, it’s crucial for whales to act. As anticipation builds over Trump’s next policy move regarding the crypto market, Bitcoin [BTC] is experiencing a massive surge of euphoria, driving it close to $80K. Although the market hasn’t hit an overextended phase yet, its high-risk nature could deter some investors. Renowned investor Robert Kiyosaki has weighed in, emphasizing the need to avoid wishful thinking and focus on sound investing principles, regardless of the current price. On the flip side, another well-known analyst has expressed caution as Bitcoin approaches a historic range. With these extreme conditions, AMBCrypto has analyzed the current market trends and concluded that a hidden catalyst is necessary to keep Bitcoin from facing a potential pullback. The market is primed for volatility In the last presidential election, it took two months of inconsistent price action to push Bitcoin to a $40K value for the first time, with noticeable pullbacks along the way.  However, this time, while the surge has been more consistent with green candlesticks over the past 5 days, there is much more at stake, considering the current value Bitcoin holds.  So, with the price nearing $80K, the stakes are higher, and any pullback could trigger significant market reactions. One factor fueling this uncertainty is the high leverage ratio in perpetual trades, as highlighted by another AMBCrypto report, making BTC vulnerable to sudden swings. Source : HyblockCapital Currently, much of the volatility is driven by activity on major trading platforms like Binance and OKX.  The percentage of traders taking long positions has significantly declined, while short positions are seeing a strong resurgence – creating conditions ripe for a potential long-squeeze. This setup resembles the late October period when BTC surged to $72K,…

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Filed under: News - @ November 10, 2024 9:06 pm