3 reasons Bitcoin struggles to overcome each new overhead resistance level
1 min read
Key takeaways:
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Dormant Bitcoin holders moving large sums to exchanges raises concerns about long-term confidence amid growing concerns about the potential impact of quantum computing.
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Strong inflows into Bitcoin ETFs failed to lift sentiment, with traders instead rotating toward fast-rising privacy coins, such as ZEC and DCR.
Bitcoin (
In the past week alone, Owen transferred more than 1,800 BTC to the Kraken exchange, valued at over $200 million. While it’s not unusual for long-dormant addresses to move funds, traders are questioning whether these transactions reflect waning long-term confidence, particularly amid growing concerns about quantum resistance and the sharp rallies in privacy-focused cryptocurrencies.
Zcash (ZEC) has surged 99% over the past 30 days, followed by a 74% gain in Decred (DCR), a 37% rise in Dash (DASH) and a 22% increase in Monero (XMR). Despite $524 million in net inflows into Bitcoin spot exchange-traded funds (ETFs) on Tuesday, buyer sentiment remains muted, leaving the odds of BTC reaching $112,000 in the near term relatively low.
The selling by long-term Bitcoin holders, persistent US dollar strength and growing interest in privacy-focused tokens are collectively restraining Bitcoin’s recovery, keeping prices under $106,000 and signaling that meaningful upside may remain limited.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
