Bitcoin Price Prediction as Whales Sell $1.2 Billion BTC – Will

Arslan Butt

Last updated:

June 19, 2024 at 21:33 GMT+3

| 4 min read

Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, is struggling to maintain its value, staying below the $65,500 mark and hitting an intraday low of $64,100.

The global crypto market cap was $2.37 trillion, reflecting a 24-hour decline of 2.50%. This bearish trend is largely attributed to the US Federal Reserve’s hawkish stance, which has exerted significant pressure on the crypto market.

Additionally, large outflows from Bitcoin ETFs such as Fidelity’s FBTC and Grayscale’s GBTC indicate a bearish sentiment, further contributing to the downward pressure on Bitcoin’s price.

Whales Sell $1.2 Billion BTC: Impact on Bitcoin Price and Market Sentiment.

Data from CryptoQuant indicates that whales have sold over $1.2 billion worth of Bitcoin in the past two weeks. These significant holders of Bitcoin show minimal signs of renewed buying interest, suggesting continued lack of upward momentum for the cryptocurrency.

Analysts noted, “Traders are not increasing their Bitcoin holdings, and demand from large holders remains weak.” Observers suggest that crypto miners might be turning their focus to the rapidly growing AI sector, selling their Bitcoin rewards instead of holding onto them.

Both the cryptocurrency and AI sectors heavily depend on powerful computing chips to operate and maintain data.

Key Points:

Whales sold over $1.2 billion in BTC in two weeks

Low renewed demand among long-term holders

Crypto miners may be shifting focus to the AI sector

How US Economic Data Affects Bitcoin and the US Dollar.

The broad-based US dollar remains under pressure due to weaker retail sales and easing inflation data, raising market expectations for Federal Reserve rate cuts. Despite the Fed’s more hawkish stance, indicating only one rate hike this year, investors anticipate two hikes in 2024.

Softer economic data, including disappointing retail sales and declining inflation, suggest a slowing economy, strengthening the case for the Fed to lower borrowing costs sooner than anticipated. This uncertainty over the Fed’s rate path is causing subdued and range-bound price action in the Bitcoin market.

The Commerce Department reported that US retail sales rose by 0.1% in May, slightly below the expected 0.2% increase. This softer print indicates...

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