Bitcoin’s Struggle Below $93K: Whale Sell-Offs and Swiss Reserve Proposal in Focus
Bitcoin is facing difficulties staying above $93,000 as the market is influenced by whale sell-offs and the Swiss reserve proposal. The influx of $37 billion into BlackRock’s ETFs has boosted optimism. Pavel Durov, CEO of Telegram, criticized the European Union for limiting media access under the Digital Services Act (DSA), suggesting that Russian users enjoy more freedom on Telegram than Europeans, raising concerns about the impact of censorship on free speech.
Telegram’s profitability has soared in 2024, with revenues surpassing $1 billion, partly due to increased content control amidst legal challenges in Europe.
The EU’s digital restrictions may generate interest in decentralized technologies like Bitcoin. Investors seeking platforms resistant to censorship could contribute to the adoption of Bitcoin, creating a positive price sentiment.
Bitcoin Whale Sells $72M Amid Year-End Volatility
Since December 20, a Bitcoin whale has sold 3,038 BTC worth $72 million, adding pressure to an already struggling market. The whale has deposited 778 BTC into Kraken while holding 24,665 BTC valued at $2.27 billion.
Bitcoin’s price has dropped by 1.1% to $92,367, failing to recover above the 50 EMA, indicating bearish sentiment.
Traders are closely observing the key support level at $85,456 and the resistance level at $96,471. Continued sell-offs could amplify the declines, but improved market sentiment after the New Year may stabilize prices.
BlackRock Leads 2024 Bitcoin ETF Inflows with $37 Billion
BlackRock’s Bitcoin ETF has attracted the most inflows in the United States in 2024, securing $37 billion, surpassing Fidelity’s $12 billion inflows. Despite Grayscale’s outflows of $20 billion, U.S. Bitcoin ETFs have gained a total of $35 billion. BlackRock’s dominance indicates strong institutional interest, boosting market confidence.
Six out of the top ten traded ETFs in 2024 were focused on Bitcoin, solidifying its position as a mainstream asset. Analysts suggest that institutional support may drive long-term price growth.
Swiss Push for Bitcoin Reserves Gains Momentum
A Swiss initiative proposes amending Article 99 of the Federal Constitution to include Bitcoin as part of the Swiss National Bank’s reserves. Supporters argue that BTC complements gold as a reserve asset. To pass the proposal, 100,000 signatures are required by June 2026.
While Bitcoin adoption is growing in cities like Lugano, concerns about energy consumption persist. Institutional interest in Bitcoin reserves could enhance its reputation as a reliable store of value.
Bitcoin Technical Outlook: Bearish Momentum Ahead?
Bitcoin (BTC/USD) is currently trading at $93,279.90, down 0.48%, with bearish sentiment prevailing. A descending triangle pattern on the 4-hour chart indicates a potential continuation of the downside.
Immediate resistance is at $94,928, while critical support lies at $92,103.
The RSI is at 44, reflecting neutral momentum with a bearish bias. Trading below its 50 EMA reinforces downward pressure.
A break above $94,928 could challenge higher resistance at $98,361, but failure to hold $92,100 may drive prices lower.
Meme Index ($MEMEX) Presale Hits $1.29M
TheMeme Index ($MEMEX) continues to attract the attention of the crypto community, raising $1,290,992 out of its $1,941,284 target.
This innovative project revolutionizes the $120 billion meme coin ecosystem by offering structured exposure through curated token baskets.
With a focus on flexibility, governance, and staking rewards, $MEMEX simplifies entry for both new and experienced participants.
What Sets $MEMEX Apart?
The standout feature of $MEMEX is its diversified token baskets, allowing investors to customize their portfolios based on their risk appetite.
These include:
Titan Index: Featuring leading tokens like $DOGE, $SHIB, and $PEPE.
Moonshot Index: Focusing on emerging tokens that are nearing market expansion.
Midcap Index: Comprising higher volatility tokens with strong upside potential.
Frenzy Index: Designed for high-risk investments targeting significant returns.
Presale participants can stake their tokens immediately, earning competitive APY while securing early rewards.
Presale Highlights:
Raised So Far: $1,290,992 out of $1,941,284
Current Price: 1 $MEMEX = $0.0148047
Next Price Adjustment: Just less than 2 days remaining
Don’t miss out on this opportunity to secure your stake in the next big crypto trend. Visit the MEMEX website to participate and stay informed through Twitter and Telegram for the latest updates.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.