Bitcoin has respected has respected the age old resistance rooted established in December 2017.
This resistance has paused the recent momentum that pushed the price of BTC to slightly over $10 000.
coinmarketcap.com data on the 11th of June 2020 has shown some interesting cryptocurrency movements:
1. Tether (USDT), a cryptocurrency that is pegged 1:1 to the US Dollar, removed XRP (Ripple) from 3rd position to becoming the 3rd largest cryptocurrency in the world by market cap including today as I write this USDT is still maintaining the 3rd position.
2. On the same 11th of June, the 24 hour volume of Tether was over $38 billion which was almost $10 billion larger than Bitcoin, something almost unheard of. Today is the 18th of June and the 24 hour volume of #Bitcoin is $18 Billion and Tether is standing at $21 Billion. The irony :).
Something is definitely big brewing and the question to ask is why are big time whales holding on to their Tethers?
I think they're expecting to buy in at cheaper levels than current levels.
So it would not come as a surprise to see Bitcoin reach lows of the $6000's and worst case scenarios of the $3000's.
Nevertheless this presents an incredible opportunity to buy Bitcoin cheaper if it does happen and may perhaps be the last time we see those prices....
This resistance has paused the recent momentum that pushed the price of BTC to slightly over $10 000.
coinmarketcap.com data on the 11th of June 2020 has shown some interesting cryptocurrency movements:
1. Tether (USDT), a cryptocurrency that is pegged 1:1 to the US Dollar, removed XRP (Ripple) from 3rd position to becoming the 3rd largest cryptocurrency in the world by market cap including today as I write this USDT is still maintaining the 3rd position.
2. On the same 11th of June, the 24 hour volume of Tether was over $38 billion which was almost $10 billion larger than Bitcoin, something almost unheard of. Today is the 18th of June and the 24 hour volume of #Bitcoin is $18 Billion and Tether is standing at $21 Billion. The irony :).
Something is definitely big brewing and the question to ask is why are big time whales holding on to their Tethers?
I think they're expecting to buy in at cheaper levels than current levels.
So it would not come as a surprise to see Bitcoin reach lows of the $6000's and worst case scenarios of the $3000's.
Nevertheless this presents an incredible opportunity to buy Bitcoin cheaper if it does happen and may perhaps be the last time we see those prices....