Bitcoin’s price remains under $100,000 as retail traders and small investors sell off their holdings out of fear of a larger Market correction. Current on-chain data reveals a significant drop in non-empty wallets, hitting the lowest level since December. Experts suggest that while retail fear decreases, large holders, called whales, are accumulating Bitcoin, which may indicate a potential price rally ahead. Imran Lakha from Options Insight believes Bitcoin’s volatility could stabilize in the coming weeks, enhancing prospects for price recovery. Currently, Bitcoin trades around $96,000, less than 15% below its all-time high, with key support at $93,572 and resistance at $103,278.
Bitcoin Price Struggles Below $100,000 as Retail Traders Exit Market
As of Thursday, Bitcoin’s price is stuck below the crucial $100,000 mark, experiencing a drop of less than 2% for the day. On-chain data indicates that retail traders and small investors are increasingly fearful, leading to a potential capitulation in their holdings.
Recent reports from the crypto intelligence platform Santiment reveal a significant decline in the number of non-empty wallets on the Bitcoin blockchain. The total count has decreased by 277,240 over the last three weeks, marking the lowest level since December 10. This trend suggests that small wallet owners are pulling back amidst concerns of a deeper Market correction.
Despite this fear among retail participants, analysts remain optimistic about Bitcoin’s future. Imran Lakha from Options Insight believes that as traders adapt to the current range-bound conditions, Bitcoin’s volatility may normalize after key upcoming events. He anticipates that the worst of the recent price drops could be behind us.
Technical analysis shows that Bitcoin is trading around the $96,000 level, indicating it’s still less than 15% away from its all-time high of $109,588 reached on January 20. Key support is expected at the $93,572 level, aligning with the 50-day Exponential Moving Average (EMA). Resistance remains at the upper boundary of the Fair Value Gap at $103,278, a significant barrier above the $100,000 milestone.
While retail traders may be exiting the Market, larger holders, or “whales,” are taking the opposite approach, accumulating Bitcoin. Historically, when retail investor sentiment wanes, it can create an opportunity for price recovery driven by whale activity.
In summary, Bitcoin’s current price trend highlights a phase of fear among small investors, but the actions of larger holders could lead to a more favorable outlook in the coming weeks. Keep a close watch on the movements in this volatile Market, as shifts in investor sentiment could pave the way for new highs.
Tags: Bitcoin, cryptocurrency, retail traders, Market correction, BTC price, Bitcoin wallets, whale accumulation.
What is the current price of Bitcoin?
The price of Bitcoin changes every moment. You can check reliable financial news websites or apps to see the latest price.
What does it mean for Bitcoin to hit a new all-time high?
A new all-time high means Bitcoin’s price reaches a level higher than it has ever been before. For example, if it goes over $109,000, that would be a new high.
Why do people think Bitcoin will cross $109,000 in February?
Some experts believe Market trends, increasing interest from investors, and potential news events could drive the price higher. However, it’s always uncertain.
What factors can influence Bitcoin’s price increase?
Several factors can influence the price, including Market demand, investor sentiment, regulations, and overall economic conditions.
Is investing in Bitcoin risky?
Yes, investing in Bitcoin can be risky. Its price can be very volatile, meaning it can change quickly. It’s important to do your research and possibly consult with a financial advisor before investing.
