Why Has Bitcoin Been Hovering Around the Mid $65,000 Range?

In a recent video, Toby Cunningham, co-host of the Crypto Tips YouTube channel, discusses why Bitcoin has been hovering around the mid $65,000 range.

Crypto Tips co-host Toby Cunningham recently discussed the reasons behind Bitcoin’s prolonged presence in the mid $65,000 range in a video. Cunningham highlighted the “crabbing” phase and the speculation surrounding its causes.

According to Cunningham, understanding the underlying factors is crucial for clarity and informed decision-making. He noted that Bitcoin has been within this range for 62 days, and based on historical data, this period might continue before a significant movement occurs.

While some speculate that the German government selling Bitcoin or regulatory investigations into companies like Jump Trading are primary drivers, Cunningham asserted that these are not the case.

A key element influencing Bitcoin’s price, according to the crypto analyst, is the high level of open interest, which indicates substantial leverage in the system. Cunningham pointed out that over the past four months, leverage has remained high, making the market susceptible to manipulation by large players, or “whales.” He believes these entities can significantly influence price movements due to the leverage they can exert.

Cunningham frequently criticizes the Federal Reserve and its control over the financial system. He emphasizes that the Federal Reserve, an unelected body, exerts considerable influence over currency creation and interest rates.

Despite the current stagnant market, Cunningham highlighted that smart whales are making significant moves. He cited an example of a whale recently purchasing 570 Bitcoin, valued at over $430 million, indicating confidence in the long-term value of Bitcoin. This activity, he suggests, implies that while the broader market sentiment may be bearish or uncertain, some large investors view this as an accumulation phase.

Cunningham also mentioned Kelly Kellam’s analysis, which suggests that Bitcoin has been in this post-halving range for 62 days, with historical ranges varying between 40 and 150 days. Cunningham predicted that the current phase might extend further, given the unique nature of this bull market. He advised investors to remain patient and focus on the fundamentals of Bitcoin rather than getting swayed by short-term price movements.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-hovering-mid-range.html

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