The reason why Bitcoin surged above $2,800 has been found! Analysts: Prices may have reached a potential high...

On Monday (December 9), Bitcoin rebounded to above $101,000 during the Asian opening session, but the price then quickly fluctuated downward and touched $98,350. Analysts warned that whales have sold 827,783 Bitcoins within 30 days, and the price may have reached a potential high point. CryptoQuant analyst Maartunn tweeted that since November 8, long-term Bitcoin holders (wallets holding Bitcoin for at least 155 days) have sold 827,783 Bitcoins, worth about $825.9 billion. Maartuun emphasized that during the same period, Wall Street's largest listed whale MicroStrategy purchased about 149,800 Bitcoins, and the inflow of spot Bitcoin ETFs was 84,193 Bitcoins. However, these are only about 30% of the amount sold by long-term holders. According to CryptoQuant's 30-day change in retail demand, Maartuun said that although long-term holders are facing strong selling pressure, Bitcoin remains strong because retail demand has also reached an "annual high". Maartuun also said that the seller's risk ratio and net Taker quantity may indicate that Bitcoin "has already reached a potential high point". Nevertheless, on the fundamentals, in addition to the continued positive news from US President-elect Donald Trump, the progress of cryptocurrency regulation around the world has also accelerated, including Russia, the UK, Canada, and Hong Kong. According to http://Bitcoin.com, economist Mohammad Sadegh Alhosseini said that Iran holds cryptocurrency worth between $30 billion and $50 billion, accounting for about 1/3 of the country's gold market. Iran's daily cryptocurrency trading volume is about $143 million, equivalent to 100 trillion rials. The Central Bank of Iran (CBI) and the Ministry of Finance are developing measures to increase the transparency of the cryptocurrency market, which has been used to circumvent US sanctions on the international banking industry. Last Saturday, the CBI issued a policy document aimed at aligning cryptocurrency transactions with Iran's anti-money laundering and tax laws. Alhosseini warned that stricter regulations could lead to companies evading sanctions being punished by the US, which would make the CBI liable. He suggested that private entities could play a role in organizing the market and reducing the risk of direct government supervision. Technical Analysis of Bitcoin http://Economies.com stated that the Bitcoin price provided positive trading in the previous few trading days, but it started to decline again at the Monday open, in order to maintain a bearish correction scenario for the next period, and the price needs to firmly break through $98,330 to enhance the opportunity to fall to the awaiting negative target of $93,405. The stochastic indicator provides a negative signal, supporting the expected decline, while a breakthrough of $101,200 will stop the negative scenario and guide the price to try to recover the main bullish trend again. "The expected trading range for Monday is between the $94,000 support level and the $101,000 resistance level." "The trend forecast is bearish."