Whales Will Determine Where Bitcoin Will Go
Bitcoin seems to be recovering after last week’s correction but its nearest future remains uncertain. At the moment of writing this material it is traded for $34,441. However, there’s something that brings hope – the ETF requests waiting for the SEC’s approval. If they are approved, this will help win the trust of the institutional investors.
Whales keep buying the dip and stockpiling Bitcoins despite its 51% decline which is also a good sign marking the optimistic attitude towards the first world’s cryptocurrency. Elon Musk’s words and the Chinese regulators contributed to its decline but Michael Saylor’s idea about the Bitcoin council stopped the panic on the market.
However, the news about Iran’s ban of crypto mining became another downer for Bitcoin and the entire market. If Bitcoin closes the day above the resistance line around $42,000, the bear trend may turn around. In this case, there will be a way for Bitcoin to grow up to $53,650.