Bitcoin’s Struggle Below $93K: Whale Sell-Offs and Swiss Reserve Proposal in Focus
Bitcoin is currently facing challenges remaining below $93K due to whale sell-offs and the Swiss reserve proposal, which are influencing market sentiment. Market optimism has been boosted by BlackRock’s $37 billion ETF inflows. Pavel Durov, the CEO of Telegram, criticized the European Union for limiting media access under the Digital Services Act (DSA), highlighting that Russian users have more freedom on Telegram compared to Europeans. This has raised concerns regarding the impact of censorship on free speech.
In 2024, Telegram’s profitability soared, with revenues surpassing $1 billion, partly attributed to increased content control amidst legal disputes in Europe. The EU’s digital restrictions could spark interest in decentralized technologies like Bitcoin. Investors looking for platforms resistant to censorship may contribute to the adoption of Bitcoin, fostering a bullish sentiment on prices.
Bitcoin Whale Sells $72M Amid Year-End Volatility
Since December 20, a Bitcoin whale has liquidated 3,038 BTC equivalent to $72 million, adding pressure to an already struggling market. The whale deposited 778 BTC into Kraken while holding 24,665 BTC valued at $2.27 billion. Bitcoin’s price dropped by 1.1% to $92,367, failing to rebound above the 50 EMA, indicating a bearish sentiment.
Traders are monitoring key support at $85,456 and resistance at $96,471. Continued sell-offs could intensify declines, but an improved market sentiment post-New Year might stabilize prices.
BlackRock Leads 2024 Bitcoin ETF Inflows with $37 Billion
In 2024, BlackRock’s Bitcoin ETF attracted the most inflows in the U.S., reaching $37 billion, surpassing Fidelity’s $12 billion inflows. Despite Grayscale’s $20 billion outflows, U.S. Bitcoin ETFs collectively gained $35 billion. BlackRock’s dominance reflects strong institutional interest, bolstering market confidence. Six out of the top ten traded ETFs in 2024 were Bitcoin-focused, solidifying its status as a mainstream asset. Analysts believe institutional support could drive long-term price growth.
Swiss Push for Bitcoin Reserves Gains Momentum
A Swiss initiative proposes amending Article 99 of the Federal Constitution to include Bitcoin in the reserves of the Swiss National Bank. Advocates argue that BTC complements gold as a reserve asset. To pass the proposal, 100,000 signatures are needed by June 2026. While Bitcoin adoption is increasing in cities like Lugano, concerns about energy consumption persist. Institutional interest in Bitcoin reserves could enhance its reputation as a reliable store of value.
Bitcoin Technical Outlook: Bearish Momentum Ahead?
Bitcoin (BTC/USD) is currently trading at $93,279.90, down 0.48%, with prevailing bearish sentiment. A descending triangle pattern on the 4-hour chart suggests possible continued downside. Immediate resistance is at $94,928, with crucial support at $92,103. The RSI stands at 44, indicating neutral momentum with a bearish bias. Trading below the 50 EMA reinforces downward pressure. A breach above $94,928 could challenge higher resistance at $98,361, but failure to maintain $92,100 could drive prices lower.
Meme Index ($MEMEX) Presale Hits $1.29M
The Meme Index ($MEMEX) continues to attract the crypto community, raising $1,290,992 out of its $1,941,284 goal. This innovative project revolutionizes the $120 billion meme coin ecosystem by offering structured exposure through curated token baskets. With a focus on flexibility, governance, and staking rewards, $MEMEX simplifies entry for both new and experienced participants.
What Sets $MEMEX Apart?
$MEMEX stands out with its diversified token baskets, allowing investors to customize their portfolios based on risk appetite. These include:
– Titan Index: Featuring leading tokens like $DOGE, $SHIB, and $PEPE.
– Moonshot Index: Focused on emerging tokens approaching market expansion.
– Midcap Index: Comprising higher volatility tokens with significant upside potential.
– Frenzy Index: Tailored for high-risk investments targeting substantial returns.
Participants in the presale can stake their tokens immediately, earning competitive APY and securing early rewards.
Presale Highlights:
– Raised So Far: $1,290,992 out of $1,941,284
– Current Price: 1 $MEMEX = $0.0148047
– Next Price Adjustment: Less than 2 days remaining
Do not miss the chance to secure your stake in this upcoming crypto trend. Visit the MEMEX website to participate and stay updated through Twitter and Telegram for the latest developments.
Disclaimer: Crypto is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. Capital loss is possible.
