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Bitcoin: Despite 10% Retail Dip, Whales Could Lead BTC to $111K – How?
Despite a 10% decline in retail demand, Bitcoin’s (BTC) price structure has revealed a classic cup-and-handle formation, hinting at the possibility of whales leading the cryptocurrency to $111K. Here’s how.
Retail investor participation in Bitcoin has continued to dwindle, with BTC transfers between $0-$10K falling by 10% over the past month. This decline is reflective of waning conviction from smaller market participants, as the asset hovers at a price point of approximately $107,349.
Historically, such drawdowns have preceded either consolidation or more volatile moves, contingent upon whale activity. In this scenario, institutional investors’ growing presence in the market has sparked concerns about potential price manipulation and the viability of this rally.
However, an influx of over 45,420 BTC worth around $4.88 billion into Binance highlights a stark contrast between retail and institutional demand. This marked shift may signal a reliance on larger participants to sustain market momentum going forward.
The cup-and-handle pattern Bitcoin’s price structure has formed often precedes a significant price increase. In this instance, a confirmed breakout above the $111K resistance level remains crucial in unlocking a potential short squeeze.
Source: ambcrypto.com
