Published on juni 14, 2024, 4:28 pm
Image source: Fox News
```json { "TLDR": "Bitcoin and Altcoins are facing selling pressure, with warnings of potential downside. Despite uncertainties, whale investors continue significant Bitcoin purchases. MicroStrategy plans to acquire more Bitcoin. Ether shows positive accumulation by long-term holders. Market trends suggest bearish signals for various cryptocurrencies like Ethereum, BNB, Solana, XRP, Dogecoin, TONcoin, Cardano, Shiba Inu, and Avalanche." } ```
Bitcoin and multiple Altcoins are currently experiencing increased selling pressure during rallies, heightening the possibility of a downside breakdown in the cryptocurrency market. The support for Bitcoin (BTC) has narrowed, indicating ongoing selling pressure from bears.
Renowned trader Peter Brandt warned that Bitcoin could potentially decline to $60,000 and further drop to $48,000. Despite short-term uncertainties, prominent investors known as “whales” continue their significant Bitcoin purchases. The number of whale entities holding over 1,000 Bitcoins is nearing a record high.
Moreover, optimism is prevalent among both large and small-scale investors regarding future crypto prospects. MicroStrategy recently announced plans to issue $700 million in convertible senior notes due in 2032 to acquire more Bitcoin and for general corporate purposes. Currently holding 214,400 BTC, MicroStrategy remains bullish on Bitcoin’s long-term potential.
Notably, Ether (ETH) has seen substantial accumulation by long-term holders recently. On June 12, accumulation addresses purchased 298,000 Ether over 24 hours. This notable acquisition trend signals positive sentiment towards Ether’s future trajectory and potential growth opportunities.
The article also discusses various cryptocurrencies’ current price trends and potential scenarios based on technical analysis. With Bitcoin facing resistance at $70,000 and its moving averages trending downwards, bearish signals are evident. Similarly, other altcoins like Ethereum (ETH), BNB (BNB), Solana (SOL), XRP (XRP), Dogecoin (DOGE), TONcoin (TON), Cardano (ADA), Shiba Inu (SHIB), and Avalanche (AVAX) face specific challenges amid market volatility.
Investors should be cautious while interpreting these trends as every investment decision carries inherent risks. It is advisable for readers to conduct thorough research before making any investment or trading-related decisions in the cryptocurrency space.
Original article posted by Fox News
