Bitcoin’s price is currently struggling, trading below important average prices, showing that many are selling. The ongoing US-China trade war isn’t helping, creating uncertainty in the global markets and impacting risky investments like Bitcoin.
Accumulation Amidst Uncertainty
But there’s a positive sign: Long-term Bitcoin holders (people who don’t plan to sell anytime soon) have bought a massive 297,000 BTC in just nine days! This suggests that some serious investors see this as a good time to buy low, betting on Bitcoin’s price going up later.
Macroeconomic Headwinds and Bitcoin’s Resilience
The trade war between the US and China is causing a lot of anxiety in the global economy. This makes people nervous about riskier investments, causing many to sell Bitcoin and other cryptocurrencies. However, these long-term holders are showing confidence in Bitcoin’s future. They’re betting that Bitcoin will recover once the global economic situation improves.
The $84,000 Battleground
Right now, Bitcoin is hanging around $84,300. This is above some important technical indicators that suggest short-term strength. If Bitcoin can stay above $84,000 and break through the resistance at $89,000, it could signal a significant price increase, potentially reaching $93,000-$95,000.
However, if Bitcoin falls below $84,000, it could lead to more selling and a drop to $80,000 or even lower, especially if the global economic situation gets worse. So, $84,000 is a crucial price point to watch.