Bitcoin and several altcoins are getting sold into rallies, increasing the risk of a downside breakdown.
Bitcoin (BTC) has dropped to the support of its narrow range, suggesting that the bears are keeping up the selling pressure.
Veteran trader Peter Brandt said in a post on X that Bitcoin risks a fall to $60,000 and eventually to $48,000. However, the Bitcoin whales do not seem worried about the short-term uncertainty and have continued their purchase. The number of whale entities holding at least 1,000 Bitcoin is nearing its all-time high.
The smaller and even the larger whales are positive about the future prospects. MicroStrategy said in a press release that it intends to offer $700 million in convertible senior notes due in 2032, the proceeds of which will be used to acquire more Bitcoin and for “general corporate purposes.” MicroStrategy holds 214,400 BTC today.
