Bitcoin May Not Form New Highs Hereafter, Huge ‘Wall of Worry’ Strikes the Investors

Bitcoin May Not Form New Highs Hereafter, Huge ‘Wall of Worry’ Strikes the Investors

btchold

The post Bitcoin May Not Form New Highs Hereafter, Huge ‘Wall of Worry’ Strikes the Investors appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Bitcoin price currently appears to have to withstand the upward pressure to a large extent as the price hovers close to the recent highs. After undergoing a steep descending trend for nearly 6 days, the asset attempts to stabalize an upward trajectory without much involvement from bears. But the main concern lies where the bulls do not appear to be aggressive at the moment. 

In a recent update, Tether appears to have resumed with their printing machine again. After halting generating new coins for more than a month, nearly a billion new USDT was minted in the past 4 to 5 days. On the other hand, the USDT price maintained its peg. 

usdt
Source: Messari.io

On the other hand, with the rise in circulation, the crypto sharks appear to have begun accumulating the stablecoins like USDT & USDC heavily. Despite the crypto markets displaying significant strength, yet the sharks prefer to stockpile the stablecoins. Hence indicating disbelief in the current rally which is displaying constant swings on either side. 

sastiment
Source: Santiment

In the last 2 to 3 weeks, the holders holding 10K to 100K of USDT & USDC have been increasing their holdings despite the top 2 cryptos registering highs above $24,000 and $1700. 

Therefore, it can be considered disbelief in the current ongoing price movements and reluctance to buy in. Hence the traders may seek more stability to squash the ‘Wall of Worry’. 

However, in the meantime, Bitcoin’s (BTC) price is assumed to consolidate lower for more time and hence the recent highs at $24,650 may not be tested again in the near future. 

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: