Bitcoin (BTC) plunged more than 5% after hitting $ 40,000. Tesla boss Elon Musk tweeted the lyrics to “In the End,” a chart top song by rock band Linkin Park, which features the Bitcoin hashtag and a broken-hearted emoji.
However, these shocking waves have recently gripped the BTC market and haven’t dented the sentiment of the crypto whales to amass more Bitcoin, as admitted by Santiment. The provider of on-chain metrics explained:
“Bitcoin is still hovering in the $ 37,000 to $ 39,000 range, but whales are piling up behind the scenes. Addresses with 100-10,000 BTC added a total of 50,000 BTC to their wallets, or about $ 1.95 billion. “
Additionally, on-chain analyst William Clemente III recently revealed that the BTC supply is returning to long-term holders, which is a bullish sign.
The fight between bulls and bears
Bitcoin is down 6% in the past 24 hours, trading at $ 36,518 during the intraday, according to CoinMarketCap.
Hence, it was a bull and bear battle in the Bitcoin market after the leading cryptocurrency was launched on Nov.
Market analyst Michaël van de Poppe believes BTC will have to regain the USD 37.3 area and see a decline to another relative low of USD 34,000. He specified:
“Bitcoin didn’t break the resistance and lost the $ 37,300 area, which I think is important. I want Bitcoin to regain this level to retest the resistance at USD 40,000. If that’s not possible, we’ll look for another higher low at $ 34,000. “
It remains to be seen how Bitcoin will perform in the short term and whether it will regain momentum to keep hitting new ATHs in 2021, as some experts and analysts had given BTC a target of $ 100,000 before the end of the year.
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