Bitcoin Holds $117,500 Driven by Retail Inflows, Whales Absent
Bitcoin Holds $117,500 Amid High Retail Inflows
- Bitcoin is currently at $117,500, showing a 6.1% increase over two weeks.
- Retail investors are the main drivers of this price level, with whales being largely absent.
- Significant inflows from small transactions (0 to 0.01 BTC) indicate strong retail activity, totaling approximately 816,000 BTC.
- The market remains balanced due to these small-scale transactions, reducing the likelihood of a sharp short-term correction.
- No significant whale inflows (>100 BTC) have been observed, which could otherwise lead to rapid price changes.
- The market may steadily approach the $120,000 resistance if current conditions persist.
Experts Divided On BTC Price Action
- Bitcoin is trading 5.4% below its all-time high and shows potential for a fresh rally.
- BTC recently exceeded the mid-term holder breakeven, reducing immediate sell-off risks.
- US Federal Reserve's interest rate cut by 25 basis points may boost the crypto market.
- Arthur Hayes maintains a $1 million BTC prediction, while Peter Schiff believes BTC has peaked.
- Current BTC price is $117,523, up 1.8% in the last 24 hours.
