Bitcoin continues to trade in tight range stuck between $42,000 and $44,000. While some investors sell their assets, others continue to accumulate. According to current data, especially as the Bitcoin price approaches $42,000, there is a significant increase in buyers, while as it moves towards $44,000, there is a significant increase in sellers, which explains why Bitcoin is stuck between $42,000 and $44,000. According to the newly shared data by market intelligence firm Santiment, Bitcoin is trading in a narrow range while Whales making big moves.
According to the chart shared by Santiment, the number of wallets holding 1,000 to 10,000 Bitcoin (BTC) reached 1958 on February 1, this is the highest since November 2022. Additionally, the number of wallets holding 100 to 1,000 Bitcoin (BTC) decreased to 13,735, the lowest since November 2022. While Bitcoin continues to trade in a tight range, the chart shows that wealthy investors continue to buy Bitcoin.
The ongoing economic problems in many countries around the world negatively affect crypto markets as well as all money markets. Even though there are economic problems around the world, some investors, especially wealthy investors, are optimistic about Bitcoin, so they continue to accumulate it. Frankly, I am also very optimistic about Bitcoin and I believe that Bitcoin can move even higher in the future. Also, I think that new big players have entered the crypto market recently. I would like to say that I would not be surprised if large companies announced that they purchased Bitcoin and entered the crypto market in the coming months.
Bitcoin (BTC) is currently trading at $42,823. Bitcoin had achieved great success on December 4, exceeding $40,000 and reaching up to $42,900, and since then, although it briefly fell back below $40,000 and rose above $44,000, it has generally remained between $42,000 and $44,000. And it still continues to stay in this range. It is really difficult to predict which direction Bitcoin will move in the short term. Bitcoin being stuck in a certain range may make some investors nervous, worried and cause them to sell, but on the other hand, some investors see this as a buying opportunity.
Considering the buy orders and sell orders, it seems that Bitcoin may move between $ 42,000 and $ 44,000 for a while longer, but I think it may bounce after a point. I think there may be a big breakout, especially between $44,000 and $45,000. The resistances between $44,000 and $45,000 are really strong and if it manages to break them, it could move much higher.
I expect a significant increase in the number of people adopting cryptos in 2024. In fact, I think that companies that have moved away from Bitcoin will come back again, or may even have returned. I believe that Bitcoin investors who have been waiting patiently for a long time will be greatly rewarded for their patience in 2024 and 2025. There have been so many negativities that I think Bitcoin investors deserve to be rewarded for their patience. I think it's not too far away.
Thank you for reading
@rtonline
This is not investment advice, just my personal opinions. As with all money markets, anything can happen at any time in the crypto market, so please do your own research before investing.