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2024

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<p>The post <a href="https://coinpedia.org/news/bitcoin-price-today-whale-selling-and-market-fear-hit-btc-price/">Bitcoin Price Today: Whale Selling and Market Fear Hit BTC Price</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin (BTC) price closed on a bearish note last week after slipping below the crucial support level between $56,500 and $61,466. Although the flagship coin seems to form a macro bullish flag, mild panic has increased the overall fear. As <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> hovered around $55,422 on Monday during the early European session, the fear and greed index dropped further towards 28, suggesting more fear.&nbsp;</p> 
<p>For the first time since last October, Bitcoin price consistently closed below the 200-day Moving Average (MA) in the past five days.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-what-s-fueling-heightened-bitcoin-selling-pressure">What’s Fueling Heightened Bitcoin Selling Pressure</h2> 
<p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> has suffered bearish sentiment in the past few weeks, fueled by heightened whale selling pressure. The German government has been offloading its Bitcoin holdings in the past few weeks. Despite reports of possible Bitcoin buyback by the German government over the weekend, the country sold coins worth over $85 million on Sunday.&nbsp;</p> 
<p>The US-based <a href="https://markets.coinpedia.org/bitcoin-etf/" target="_blank" rel="noreferrer noopener">spot Bitcoin ETFs</a> have experienced low demand in the past few weeks as BTC miners accelerated selling rates to cover operational costs.</p> 
<p>Meanwhile, the crypto industry is awaiting economic clarity from the US Federal Reserve later this week. Anticipated US interest rate cut later this year, amid the upcoming general election, is expected to trigger a crypto bullish outlook. Moreover, major stock indexes have recently continued to have a bullish outlook.</p> 
<h2 class="wp-block-heading" id="h-what-next-for-bitcoin-price">What Next For Bitcoin Price?</h2> 
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   <p lang="en" dir="ltr">Something like this maybe.<br><br>2019 vs 2024<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://t.co/7YM10kHbWb">pic.twitter.com/7YM10kHbWb</a></p>— Inmortal (@inmortalcrypto) <a href="https://twitter.com/inmortalcrypto/status/1810103491777757636?ref_src=twsrc%5Etfw">July 8, 2024</a>
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<p>Bitcoin price has been forming a weekly bullish flag in the past four months, which could yield a new all-time high later this year. According to a popular crypto analyst Benjamin Cowen, Bitcoin price must reclaim the 200D SMA as a support level to increase the chances of bullish recovery during the fourth quarter.&nbsp;</p> 
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   <p lang="en" dir="ltr">I think <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> dominance will top around 60% between September and December of 2024. <br><br>I think <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> dominance will go down in 2025. <br><br>I’m probably wrong, but that is just my opinion. <a href="https://t.co/eAvbbarZJR">pic.twitter.com/eAvbbarZJR</a></p>— Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1810016076870119503?ref_src=twsrc%5Etfw">July 7, 2024</a>
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<p>Meanwhile, Cowen opined that Bitcoin dominance will continue to rise in the coming months towards 60 percent, and will reverse next year to pave the way for the much-anticipated altseason.</p> 
<p>Read Also: <a href="https://coinpedia.org/news/crypto-investment-strategy-top-5-best-bet-altcoins-amid-market-crash/" target="_blank" rel="noreferrer noopener">Crypto Investment Strategy: Top 5 Best Bet Altcoins Amid Market Crash</a></p>

Bitcoin Price Today: Whale Selling and Market Fear Hit BTC Price

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