Bitcoin May Host Rises Soon
Bitcoin is currently trading at $58,047. There is still selling pressure in the crypto markets and although Bitcoin is still in a downtrend, it seems that the selling pressure will decrease significantly soon.
The German government, Mt. Gox, and Genesis Trading collectively sold significant amounts of Bitcoin, selling over 170,000 BTC in July and August, and their sales have seriously affected some investors, further increasing selling pressure in crypto markets. The amount of BTC they hold is starting to decrease, suggesting that selling pressure will ease soon. It also seems that the big players have recently started to reduce their sales.
Meanwhile, long-term investors are staying strong, preventing Bitcoin from falling further, and I believe they will definitely reap the rewards in the future. Also, the possible Fed rate cut, FTX's $16 billion cash refund, and the increasing political support for crypto regulation in the US are, in my opinion, very important developments that could encourage investments in BTC. This is exactly why I believe Bitcoin may host rises soon. We will wait and see.
This is not investment advice, I am just writing my own thoughts. Please do your own research before investing.
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"Wow, what a great analysis! 🤩 It's awesome to see you breaking down the current market situation and sharing your thoughts on what might happen next. I totally agree that long-term investors are going to reap some amazing rewards soon! 🚀 Meanwhile, it's interesting to hear about the developments with the Fed rate cut, FTX, and US crypto regulation support - these could indeed have a positive impact on Bitcoin's price. 💸 Thanks for sharing your insights and keeping us informed! 👍 By the way, if you'd like to see our ecosystem continue to thrive, consider voting for xpilar.witness by going to https://steemitwallet.com/~witnesses 🙏"