Bitcoin, sideways movement due to miner selling and whale buying

BTC mining companies recently sold 850,503 BTC
Whale wallets' BTC holdings have been on the rise
BTC and altcoins have been trading sideways for 9 days
Experts have released conflicting forecasts on BTC

Bitcoin (BTC) traded sideways on the 9th due to selling pressure from miners.

On-chain analysis platform Sentiment analyzed through its official X account that Bitcoin is trading sideways as miners' selling pressure and whales' accumulation of Bitcoin volumes coincide.

Sentiment said, "In the past 48 hours, 850,503 BTC have been withdrawn from Bitcoin miners' wallets," and "However, changes in miners' wallet balances have not shown a clear correlation with Bitcoin prices this year. Overall, the BTC holdings of whales, who are not miners, have been on a continuous upward trend."

As Bitcoin traded sideways, altcoins also traded sideways. Except for 'lightweight' altcoins with low market capitalization recording double-digit gains, altcoins also continued their sideways trading.

◇Bitcoin = As of 4 pm on the 9th, based on Upbit, the price of Bitcoin is 13,999 million won. Bitcoin's dominance is 56.56%.

According to on-chain analysis platform Sigbit, the long (bullish) and short (bearish) betting ratio in the Bitcoin futures market is 53.96% and 46.04%, respectively.

As Bitcoin continued its sideways trading, experts' forecasts on Bitcoin were divided.

Global investment bank Bank of America (BofA) described Bitcoin as a 'bubble' and expressed pessimism about Bitcoin. Bank of America emphasized that "the bubble and excessive valuation surrounding the market have already exceeded the highest level during the dot-com bubble in the 2000s."

On the other hand, the world's largest asset manager BlackRock reiterated the possibility of further upside for Bitcoin.

In its '2025 Global Outlook' report, BlackRock said, "Emerging assets like Bitcoin and traditional assets like gold are expected to emerge as new means of diversified investment," and "Especially, Bitcoin has the potential to continue to grow in value as its limited supply coincides with increasing demand."

◇Rising Coins = As of 4 pm on the 9th, based on Upbit, the cryptocurrency that recorded the largest increase from the previous trading day was HIVE, which rose about 13%.

HIVE is a blockchain network that was newly born in March 2020 through a hard fork led by the Steem community in response to the Tron Foundation's acquisition of 80% of the Steem token (STEEM) supply through a merger.

The community argues for a completely decentralized blockchain with fast and high scalability and low entry barriers, and the main project is promoted as an efficient platform for operating 'DApps' based on the Graphene-based social blockchain. HIVE provides various services such as the HIVE Fund, free trading through the Resource Credit Premium model, and block confirmation in less than 3 seconds.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 78 points, entering the 'Greed' stage. The Greed stage is characterized by high price volatility and trading volume, and prices tend to rise. As the possibility of forming a short-term peak is high, caution is required when selling.

The Cryptocurrency Relative Strength Index (RSI) provided by Sigbit is 52.0, indicating a 'neutral' state. RSI measures the relative strength of the upward and downward pressures on the price of a specific asset, and serves as an indicator of overbought and oversold conditions.