Connect with us
Active Currencies 14033
Market Cap $2,571,195,305,335.44
Bitcoin Share 50.91%
24h Market Cap Change $0.87

Bitcoin crosses $63K, but BTC’s next move remains uncertain

2min Read

Bitcoin’s price hits $63,000, fueled by institutional interest.

Bitcoin crosses $63K, but BTC's next move remains uncertain

Share this article

  • Whales started to hedge their bets as BTC’s prices surged.
  • Bitcoin’s retail hype appeared to be in a lull.

Bitcoin’s [BTC] meteoric rise catapulted it beyond the $60,000 threshold, triggering waves of excitement and speculation.

However, beneath the surface of this surge lay a nuanced narrative dominated by institutional maneuvers and a notable absence of retail participation.

AMBCrypto’s examination of BTC showed a swift surge as prices touched $63,000, only to retrace slightly to $62,725.01 within the last 24 hours.

Whales go risk-free

As BTC eclipsed $60,000, the driving force behind this surge wasn’t solely organic market dynamics. Recent data pointed to a strategic move by large Bitcoin holders, commonly known as “whales.”

These entities were exhibiting a heightened risk tolerance, pivoting toward derivative exchanges.

By transferring Bitcoin to these platforms as collateral for leveraged trades, whales signal a shift toward riskier market strategies.

Source: X

Surprisingly, the enthusiasm from retail investors, typically a potent force in driving cryptocurrency rallies, seemed to be waning.

The current surge in BTC’s price was predominantly propelled by institutional interest and strategic moves by whales.

If whales start to slow down their accumulation and if their bullish stance takes a back seat, the price of BTC may stagnate at current levels.

Retail investors may need to invest more in BTC for its price to go further up north.

Source: X

Looking at the state of the holders

A factor that may stop retail investors from accumulating BTC would be their profitability.

The MVRV (Market-Value-to-Realized-Value) ratio for BTC surged significantly over the last few days.

The growing MVRV ratio indicates that a significant proportion of Bitcoin addresses were holding profitable positions. Some of these holders had not seen profitability since 2021.

Due to this, many retail investors may want to sell their holdings and book their profits.

Adding another layer to the analysis is the Long/Short difference surrounding BTC. The expanding difference suggests a higher prevalence of long-term addresses compared to short-term addresses.


How much are 1,10,100 BTCs worth today?


Long-term holders typically exhibit a more resilient stance, being less likely to sell in response to short-term market fluctuations.

Only time will tell whether investors can continue and hold on to their BTC as its price exhibits volatile movements.

Source: Santiment

Share

Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.