Cryptocurrency expert Ardizor claimed that many cryptocurrency companies seem to be dumping Bitcoin, which is why the BTC price continues to collapse. The leading cryptocurrency collapsed over the weekend but is now hopefully recovering The US-Iranian agreement.
Why does the price of BTC keep collapsing?
in Share XArdizor stated that the price of BTC was low because Crypto exchanges Binance, Coinbase, and Bybit, along with Whals and Wintermute, have sold millions of bitcoins. He claimed that they sold over $2 billion worth of Bitcoin, and also claimed that it was a “pure and coordinated dump,” which typically comes after the US market opens.
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Quoted by the critic On-chain flows of cryptocurrency exchanges’ hot wallets as evidence that they were ditching Bitcoin. The latest drop in BTC’s price came over the weekend, with the leading cryptocurrency falling below $75,000 after the SEC reportedly delayed its decision on token shares due to regulatory concerns. Bitcoin also fell as market participants increased the likelihood of a Federal Reserve rate hike this year.
However, the price of Bitcoin is recovering again after collapsing below $75,000, on the back of optimism that the United States and Iran may be close to an agreement to end the war. US President Donald Trump They said over the weekend that the draft agreement had been largely negotiated, suggesting they could announce a peace deal soon.
Furthermore, the price of Bitcoin and the broader cryptocurrency market are also recovering on the back of falling oil prices. Oil prices fall after Trump’s statements Strait of Hormuz It will reopen under the deal, a move that could also ease inflationary pressures.
What’s next for Bitcoin?
Cryptographic analyzer Ted Bellows noted BTC price closed above $75,000, and now the main area to reclaim is between $77,500 and $78,000, with a rise towards… Psychic area worth $80,000. He warned that if Bitcoin fails to hold above $78,000, it will likely sweep the $75,000 area again.
Meanwhile, cryptoanalyst Max pointed out Many low-leverage long liquidations were wiped out due to the BTC price falling below $75,000. He stated that this now leaves only one good group below, which will be swept away if the price surpasses the previous low at $74,200. Meanwhile, he pointed to another set around the $80,000 mark.
Related reading: Bitcoin price breaks 14-year support for first time in history, analyst expects target to be $50,000
The analyst admitted that a retest of the $80,000 range is still possible from a liquidity perspective, but the current market structure favors another pullback. In line with this, Max said he expects liquidity to be withdrawn below this week, unless the Bitcoin price records a higher high, invalidating the… Bearish structure.
At the time of writing, Bitcoin is trading at around $77,300, rising over the past 24 hours, according to Data From Coin Market Cap.
Featured image from Getty Images, chart from Tradingview.com
