The post Will BTC’s Future Be Bullish or Bearish? appeared on BitcoinEthereumNews.com.

The Bitcoin market never lets the investors have a moment of peace. Even at the current time, the market is giving out mixed signals that leads traders and investors into confusion. They are unable to decide whether to brace for a downturn or stay optimistic about the bull run. On one hand we have whales making spooking moves while on the other hand there are long term holders sending positive vibes to the market. The Bitcoin mining hash rate also shows signs of stability. Let’s break it down to what all these can lead to. BTC Whale Movements Trigger Panic Data from Whale Alert shows that a few hours ago a Bitcoin whale moved 2,000 BTC from its wallet to Binance. These transactions are made 6 minutes apart. The Bitcoin whale transferred 1,110 BTC in a single transaction and just after 6 minutes, made another transaction of 900 BTC to Binance crypto exchange. Whenever whales move significant amounts of Bitcoin, it usually sends a negative vibe to smaller investors, signaling a potential sell-off. However, that is not the case every time. Sometimes these transactions are done for security purposes and sometimes they are just planning a strategy for an upcoming market movement. But such movements always create a short-term fear in the market. Diamond Hands Hold Bitcoin Tight Amid the whale drama, another significant data point emerges: nearly a third of all Bitcoin hasn’t been touched for over five years. According to data from IntoTheBlock, about 30.7% of Bitcoin’s total supply has remained dormant. This indicates a strong conviction among long-term holders, often referred to as “diamond hands,” who have held their BTC through thick and thin, surviving multiple market cycles. These holders are unlikely to sell their Bitcoin unless something extraordinary happens. This unwavering belief in Bitcoin’s future is…

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Filed under: News - @ August 31, 2024 3:53 am