Bitcoin (BTC), Buy The Dip: Here are the Reasons Sentiment is Strong Now
Bitcoin news: The crypto market is currently facing obstacles that could continue for quite some time. This comes after a month of bullish sentiment in January 2023. The U.S. Securities and Exchange Commission’s (SEC), scrutiny of crypto staking services led to a significant price drop over the past week. It all started with Brian Armstrong, Coinbase CEO, warning about the SEC’s plans for banning staking. Kraken, which was accused of offering unregistered securities, eventually settled the matter with a $30 million fine.
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The drop in BTC prices also led to heavy accumulation by whales, which is a clear indicator of bullish sentiment in the short term. The whale buying of Bitcoin has been at its highest level in three months. After the FTX collapse, there was a massive selloff in November 2022. This was accompanied by heavy accumulation by BTC whales.
Traders seem to be focused on adding BTC, even though the price fell in the last few days. More traders are now long than short Bitcoin, which is a sign of confidence in Bitcoin’s upside. According to Ali Charts, 62.15% of Binance accounts with open Bitcoin positions are going long. The beginning of next week could bring renewed optimism and a rise in BTC prices.
#Bitcoin currently stands at $21,700
It was $24,500 a week ago and people rushed for entry.
Price is currently at $21,700. Due to some SEC FUD people want out fast.
The price is low, it is undervalued, and it will go up in the future.
These prices can be used to accumulate.
— Michael van de Poppe (@CryptoMichNL) February 11, 2023
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According to CoinGape price tracker, the BTC price is at $21,752, a decrease of 0.72% over the last 24 hours.
Also read: Will Bitcoin’s Price Fall Below $20K Before US CPI Data
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