Bitcoin News: After a month of bullish environment in January 2023, the crypto market is currently facing hurdles that may drag on for some time now. Fear and uncertainty over the SEC’s review of the crypto staking service has caused prices to fall significantly over the past week. It started with Coinbase CEO Brian Armstrong warning about the SEC’s plans to ban staking. Eventually, Kraken, which was accused of offering unregistered securities, settled the matter with a $30 million fine.
Also Read: Dogecoin Price Surge Ahead? Whales caught moving 1.2 billion DOGE
Meanwhile, the decline in BTC price also meant strong accumulation by whales, which is a clear sign of near-term bullishness. In fact, Bitcoin’s walk purchase is at its highest after three months. In November 2022, following the FTX collapse, a massive sell-off by retailers coincided with strong accumulation by BTC whales.
‘buy the dip’
Even as the price plummeted over the past few days, traders seem focused on packing BTC into their pockets. More traders are long BTC than short BTC in a clear sign of confidence in Bitcoin’s bullish move. According to Ali Charts, up to 62.15% of all accounts on Binance go long with an open Bitcoin position. Also, the start of next week could bring renewed optimism with a surge in BTC price.
As of this writing, according to CoinGape price tracker, BTC price is at $21,752, down 0.72% in the last 24 hours.
Also Read: Will Bitcoin Price Drop Below $20,000 Ahead of US CPI Data?
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