People just do not yet understand how #Bitcoin is different and why it is the ultimate store of value and ultimate debasement asset.

According to CryptoSlate, the recent selling pressure bears some resemblance to the market conditions during the FTX crash in 2022. Data shows that whales have been transferring significant volumes of #Bitcoin to exchanges, which is usually a sign of increased selling interest. At the same time, the outflow of capital from #Bitcoin spot ETFs has reduced institutional demand and weakened the market’s price support. In addition, the liquidation of leveraged positions has helped intensify the selling pressure as key price levels have been broken. Overall, the drop can be attributed to a combination of several factors: 1) whale selling, 2) reduced institutional capital inflows, and 3) market leverage mechanisms that have a reinforcing effect in such conditions. However, after #Bitcoin managed to recover to the $70,000 level yesterday, the current structure is more like a support breakdown, pullback, and continuation of the downtrend. The price failed to consolidate above the broken ranges and selling has resumed. This behavior usually indicates weak demand and supply dominance in rallies. In such situations, the market tends to test lower liquidity levels. Until #Bitcoin can reclaim previous levels with volume and price consolidation, the prevailing short-term bearish or neutral scenario remains bearish.

#bitcoin #nostr #zap #memes