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While the New York Stock Exchange's Standard & Poor's (S&P) 500 Index and Nasdaq Index closed at all-time highs last night as the trend led by artificial intelligence (AI) continues, Bitcoin (BTC) has been slowly declining over the past few days.
Cointelegraph, a cryptocurrency media outlet, diagnosed that this is because the supply of Bitcoin exceeds demand.
According to data from Farside Investor, an actual financial information platform, funds have been outflowing from Bitcoin spot ETFs for four out of five days since June 10 (local time).
In addition, Yuwei Yang, chief economist at Bitcoin mining company Bit Mining (BTCM), said in a report that as market FOMO (fear of being left behind in the market) focuses on AI-themed stocks, cryptocurrency is becoming attractive among risk asset investors. evaluated as losing.
However, analysts pointed out that long-term investors are not panicking and are continuing to buy.
The number of wallets holding more than 10 BTC was 16.6 million, the highest since June 2022, according to market intelligence firm Santiment.
Cointelegraph expressed optimism, saying, "Bitcoin is weak in the short term, but it is stuck in a range and buying forces are likely to appear at the support line. The longer it stays in the range, the greater the force needed for the price to break through the range." It gave strength.
The media reported that Bitcoin is facing strong selling pressure, but the charts suggest strong support at $64,500 and again at $60,000.
Bitcoin is facing strong selling pressure, but the charts suggest strong support at $64,500 and again at $60,000.
In particular, Binance CEO Richard Tung appeared on the Bankless YouTube channel and predicted, “Bitcoin will exceed $80,000 before the end of this year.”
“I think 2025 will be a better year for the cryptocurrency industry overall than 2024 because the overall macroeconomic situation will be much better,” he said. “I think this situation could lead to an increase in cryptocurrency prices in 2025,” he explained.
According to CoinMarketCap, a global cryptocurrency price relay site, as of 7:47 am on June 18 (Korean time), the BTC price is recording $66,560, down 0.10% from 24 hours ago.
