Summary
TLDR: Bitcoin’s price hit an all-time high but has since declined by 7.74%. Despite this, BTC holders are adding to their wallets, preventing a catastrophic crash. Retail investors are accumulating while whales are not. Bitcoin price is likely to stay above $60,000 but could fall through $63,724 if investors choose to book profits. Always conduct your own research before making financial decisions.
Key Points
1. Bitcoin’s price hit an all-time high last week, followed by a 7.74% decline triggering a correction in the cryptocurrency market.
2. BTC investors are preventing a catastrophic crash by consistently adding to their wallets despite market conditions, keeping the price above the critical support level of $63,724.
3. Retail investors, not whales, are accumulating Bitcoin, with nearly 36,640 BTC worth over $2.5 billion leaving exchange wallets in the last week alone. This conviction is also reflected in the derivative market, where traders are still betting on increasing prices.