Bitcoin News: Whale Texas rises three months ahead of US CPI Inflation Data. What’s next?
Bitcoin News: The Bitcoin price fell to $21.5K on Tuesday, indicating a new buying opportunity. After the U.S. SEC’s crackdown on crypto staking by crypto firms in the US, Bitcoin and altcoins prices plummeted.
Experts warn that Operation Choke Point 2.0 will be a coordinated regulatory action by multiple U.S. government agencies in order to severe the ties between the cryptocurrency industry and banks. Paxos was subject to a Wells Notice from the SEC claiming that its Binance USD (BUSD), security is not registered. The New York State Department of Financial Services is also investigating Paxos.
Also read: Paxos ordered to stop creating Binance’s USD, Crypto Market Crash Imminent
According to Santiment’s Bitcoin Whale Transactions Count data, whale transactions exceeding 1 million USD have reached a 3-month high. This suggests that whales are interested in Bitcoin, as the Bitcoin price dropped to $21.5K.
The MVRV Ratio has also declined, which indicates a buy-the dip opportunity for whales.
The “golden cross” pattern in Bitcoin’s price trend was also completed on February 7, when the 50-MA (red), crossed over the 200-MA(blue) daily timeframe. The “golden cross” pattern is bullish and can extend Bitcoin’s 40% rally in January. However, current market conditions limit an upside move.
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Michael van de Poppe, a crypto analyst, predicted that Bitcoin would continue to trend in a positive direction and could reach the $21K support level. This is the entry zone investors should be looking for. The current level is likely to be attractive to whales, who are likely looking for a buy the-dip opportunity.
Bitcoin prices can rise to $25K after a “buy-the-dip” transaction. The dip season is a great time to look into longs. The U.S. CPI data January will be released on Tuesday. This is the day after which you can see a huge rally because the inflation will likely drop like a stone.
Also read: Breaking: Binance CEO CZ breaks silence on crackdown by the US SEC on BUSD
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