Bitcoin Is Locked In A Price Trap: Why Crypto Assets Trade Is Still Sluggish?
Today, Bitcoin continues to remain in “a sleeping state”: its price is adjusted at the level of $9,500 and can not move upward for more than a week. Investors have partially suspended trading activity and are now monitoring the market position of cryptocurrencies.
Bitcoin trading remains liturgical
On leading exchanges, Bitcoin paused. Traders expect some significant movement in the price of Bitcoin since orders for the sale of a crypto asset at $9,400 remain intact. The level of Bitcoin purchase has also decreased. Some investors likely expect Bitcoin to decline to lower support levels in the range of $9,000 to $8,750.
However, last week the whales showed their activity. A transaction of Bitcoins worth about $2.2 billion was recorded, as well as Ethereum movement between whale wallets totaling about $23 million. Some analysts are sure that these large transactions are manipulation by large whales to excite the cryptocurrency market and stimulate the price movement of main crypto assets.
Sleeping Bitcoins are waiting for their “star time”
So far, the market position of Bitcoin does not play in favor of a crypto asset. Inactive use is only 3.5 million coins. It is a relatively small indicator because 18.6 million BTC has already mined. It is likely that large institutional investors “froze” their trading activity, expecting a rise in the price of the flagship cryptocurrency in the long term. More than 90% of transactions are now carried out by retail investors.
Thus, about 60% of the Bitcoins mined remain to wait for their “stellar time”, and shortly, the crypto-wallets of institutional investors will remain as an untouched balance.
To date, the lethargic state of Bitcoin is assessed ambiguously within the crypto community. Many analysts continue to believe that the bulls will nevertheless take the victory and lead the crypto asset to unimaginable heights. Other experts are more skeptical about the current price movement of Bitcoin and predict testing with a crypto asset of the lower support levels.