Bitcoin encounters price correction risks amid rising retail investor interest and miner sell-offs.
Current Bitcoin Situation
Bitcoin reached an all-time high of $93,265 five days ago. Currently, it is trading at $90,659.66, reflecting a modest 0.29% daily increase. Despite a 12% weekly gain, its trading volume has decreased by 4%, indicating a potential slowdown in momentum.
Market Analysis by Experts
Renowned crypto analyst Ali has issued a warning regarding potential steep correction for Bitcoin due to increasing retail interest and a spike in Google searches. Historical data supports significant corrections of 26% to 50% during such periods. Technical indicators also suggest corrective trends. Ali predicts key support levels for Bitcoin are between $85,800–$83,250 and $75,520–$72,880. However, a daily close above $91,900 might trigger a rally toward $100,680.
Market Pressure from Miners
Bitcoin's position is challenged by major sell-offs from miners. Over 110,000 BTC worth nearly $10 billion have been sold between November 10-17. On November 12 alone, miners sold 25,367 BTC ($2.2 billion), marking the largest single-day sell-off in recent months. Historically, such sell-offs are associated with cycle tops, increasing price pressure.
The sustainability of Bitcoin amidst miner pressure and retail investor interest will determine the market trajectory. Breaking through to the $100,000 mark requires overcoming current challenges.
