Bitcoin (BTC) Market Now Characterized by 'Greedy Fearfulness' as Whales Load Up on Altcoins

Most major cryptocurrencies have continued on a shaky path booking losses over the past day. The largest asset itself, Bitcoin, is down 2.6% in the past 24 hours

Major cryptocurrencies have booked losses over the past day, with Bitcoin (BTC) returning to the trading range it was in before the Bitcoin 2024 conference.

The world’s largest cryptocurrency by market capitalisation is currently trading down 2.6% in the past 24 hours, according to data from CoinMarketCap.

This puts BTC at a price of US$64,595 (AU$98,795) at the time of writing.

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The asset now appears to have returned to the trading range it was in before the Bitcoin 2024 conference in Miami, Florida.

The event was expected to give the market a boost with bullish announcements. While these came almost as expected, the rally didn’t follow.

Now, analysts at Swissblock have described the market as “greedy fearfulness or fearful greed”.

In a recent research note, the analysts reported that the setback in Bitcoin’s price momentum could be attributed to negative sentiment stirred by US government BTC movements and Mt. Gox’s large-scale Bitcoin transfers.

However, despite these challenges, the market has not shown significant panic, suggesting a tempered response among investors.

“This market behaviour aligns with the Speedometer, which indicates continued high sensitivity to external factors in Bitcoin’s price, with bearish price momentum,” the analysts wrote.

Whales Are Loading Up on Altcoins

Meanwhile, large investors are gearing up for a potential increase in the value of altcoins, despite the uncertain conditions, according to CryptoQuant analyst, CEO and founder Ki Young Ju.

The increasing limit buy order volume suggests that whales are not only anticipating but are actively trying to catalyse an upcoming rally in altcoins by creating substantial support levels that might help in driving up prices.

This action is strategic, as it not only secures the whales’ positions at preferential rates but also potentially influences market sentiment, encouraging others to invest as prices seem poised to rise.

In the meantime, while we wait for confirmation where the market is heading next, here’s what Aussie analyst Miles Deutscher thinks – not financial advice of course.

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