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Bitcoin: Despite 10% Retail Dip, Whales Could Lead BTC to $111K – How?
Despite a 10% decline in retail demand for Bitcoin (BTC), the cryptocurrency’s price may be on the verge of a significant upswing, driven by whales who are accumulating massive amounts. According to recent data, over 45,420 BTC – worth roughly $4.88 billion – have flowed into Binance from these large-scale investors.
This unexpected influx of funds has left many wondering if it could signal an imminent price surge. While the market is still uncertain about the cryptocurrency’s next move, experts are warning that any potential breakout above $111K may not be without its challenges.
The recent retail dip has resulted in a decline of over 10% in demand from smaller market participants, with some suggesting this trend may precede either consolidation or a more volatile movement. However, Bitcoin’s price structure has taken on a classic cup-and-handle pattern, which often indicates potential upward momentum.
In other words, the cryptocurrency’s next move is difficult to predict, as it could go either way depending on whether institutional investors step in and support the market. This mixed outlook is largely due to the conflicting information provided by retail demand and whale activity.
Meanwhile, recent derivatives data suggests that traders are pulling back from their positions, with futures volume decreasing by 25.88% and options volume sinking 28.01%. These contractions have historically set the stage for explosive breakouts once market conviction returns.
The article concludes by stating that a confirmed breakout above $111K – fueled by short liquidations – remains crucial to watch as it could act as the final trigger required to send Bitcoin’s price soaring.
Source: ambcrypto.com
