Bitcoin price retreats: Correction or calm before the storm?

Bitcoin achieved an ATH of ~$73,000 but has retraced to ~$63,000. This has been credited to the ongoing calm amid the bull run and some of the inventors taking profits back to their homes. Also, analysts believe that the price could have been corrected before it rose after a few days of Halving.

Crypto funds saw an inflow last week worth $2.9 billion, of which $2.4 billion was for Bitcoin alone. Investors are pouring funds into the market to ensure it stays at a decent level. The support margin has been defined as $50,000, or $55,000.

The approval of eleven applications for the Spot Bitcoin ETF was expected to cause a significant surge. While a couple of days experienced slow growth due to excessive selling pressure from Grayscale, the market eventually attracted higher growth when the selling pressure calmed down.

Altcoins are gaining attention. This includes the likes of ETH, SOL, ADA, and MATIC. Whales accumulate every possible altcoin to hold on to them for a long time and then sell them for a profit. Bitcoin may have lost interest, but accumulation continues by giants like MicroStrategy.

As a matter of fact, the company has expressed a stronger desire to accumulate more tokens in the times to come. Thereby, it reinstates its position as a corporate leader with the maximum BTC and confidence in the future of Bitcoin.

Analysts have also raised the predicted estimate for the token. It was previously expected to end in 2024 at $100,000. Now, the future value of BTC has been redefined to $150,000.

A lower rate by the Federal Reserve could attract more attention to Bitcoin or the crypto market, weakening US Treasury yields. Investors may be more attracted to cryptocurrencies. The Bank of Japan may increase the rate for the first time in the last 14 years, further damaging the US Treasury.

Nevertheless, all eyes are on Halving and what kind of outcome it rolls out. It has a historical context of pumping the trajectory upward on the chart—if not on the same day, then after a few days.

BTC has been down by 2.56% in the last 24 hours and is listed at $62,774.02. Excited traders are accumulating the token at this time to later sell it for a massive profit. White altcoins have a larger interest among whales; their prices are down, probably mirroring the performance of BTC and ETH. For instance, SOL is down by 6.04% in the last 24 hours, exchanging hands at $173.16.

It is still expected to bounce as high as $200 before the year ends. ADA is down by 1.97% during the same time window. MATIC has made a slight recovery by climbing up by 1.37%. It is currently at $0.9678.

Bitcoin is now down for price correction, excessive selling for profits, and the calming of the bull run. There is uncertainty around the crypto market, but it has always been there under the tag of volatility.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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