Crypto News

Bitcoin Reaches Near All-Time High Amidst Record Profits And Increased Whale Activity

Bitcoin surged to $68,785 according to CoinMarketCap data, marking its highest market value since November 2021 and coming just shy of its all-time high of $68,789. 

Traders have reaped substantial rewards from hodling, with realized profits hitting a three-year high of $17.4 billion over the past two weeks, the largest since March 2021.

Recent data from Intotheblock reveals that large Bitcoin holders boosted their holdings by 4,177 bitcoins in the last seven days, valued at over $279 million at current prices. 

This increase underscores growing confidence among institutional investors in the long-term potential of Bitcoin.

On-chain reports indicate significant activity as Bitcoin crossed the $67,000 mark, with a whale associated with #Cumberland receiving 175 million USDT from the Tether Treasury and depositing it into exchanges. 

Since October 20, 2023, Cumberland has injected a total of 3.22 billion USDT into the crypto market, highlighting substantial liquidity inflows.

Bitcoin Potential Short-term Price Drop Prediction And Happenings

However, analyst Ali Martinez warns of potential short-term downside risks. The TD Sequential indicator on the 4-hour chart recently signaled a sell for Bitcoin. 

Historically, following such signals since February 15, Bitcoin prices have experienced declines ranging from 1.5% to 4.7%. 

Moreover, the Bitcoin MVRV indicator currently stands at 19.57%, surpassing the 18% threshold observed since February 2021. Past occurrences of the MVRV indicator crossing 18% have preceded steep price corrections of 24% to 55%.

These indicators suggest that traders should remain vigilant and closely monitor market dynamics. 

Bitcoin at current price is trading at around 63k, after dropping from 69k today. 

While Bitcoin’s near all-time high and record profits signal optimism among investors, potential short-term corrections underscore the importance of risk management strategies in navigating volatile cryptocurrency markets.

As Bitcoin continues to capture global attention, its price movements and market sentiment will remain closely watched by traders and investors alike in the coming days.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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