Whales Buying The Dip Amid Binance Crackdown By SEC; Analyst Predicts Bitcoin ATH in 2023 – Crypto News – Crypto News
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Whales Buying The Dip Amid Binance Crackdown By SEC; Analyst Predicts Bitcoin ATH in 2023 – Crypto News

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3 years ago

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The US Securities and Exchange Commission (SEC) lawsuit against the world’s largest crypto exchange Binance and CEO Changpeng “CZ” Zhao fails to bring massive liquidations or outflows as expected. Bitcoin price is merely down to $25800 from $26800, while Ethereum price maintains above $1800.

The SEC didn’t just bring pullback in the crypto market, but it impacted stock markets too as crypto and bitcoin mining stocks, Coinbase, MicroStrategy, Robinhood Markets, as well as banking stocks were down.

Whales Buying the Dip for Bitcoin All-Time High

The crypto fell sharply after the US SEC sues Binance, with BTC and ETH falling 5%. However, options implied volatility (IV) didn’t increase significantly and even fell. Whales have been using billions of dollars of options positions to short both price and volatility in recent weeks.

Whales are using the buying the dip returns strategy, same as in the bull market earlier in the year and in the bank credit turmoil.

Popular analyst Credible Crypto said the SEC’s Binance suit helped bring BTC price to hit the first target. He predicts Bitcoin price can only fall during forced liquidations, but if Bitcoin reclaims $27.5k we are continuing on the path to new all-time highs.

Bitcoin Price on 4-Hr Timeframe
Bitcoin Price on 4-Hr Timeframe. Source: Credible Crypto

Bitcoin to witness a squeeze up and a bullish reversal. However, more downside would be a bonus for buying the dip. He has started buying spot BTC as hit his target lows at $25.8k. The downside is capped at $20k and Bitcoin is not going lower than that. Whales will look to buy at $25k, with some already starting to buy as the price didn’t hit sub $25k.

Also Read: Crypto Telegram Channels List 2023; Updated list

btc price currently trades at $25,766, after recovering from a 24-hour low of $25,445. The key support remains at $24,800, but traders will look to push BTC price above the 200-WMA.

eth price 3% in the last 24 hours, with the price currently trading at $1,814. The 24-hour low and high are $1780 and $1874, respectively.

Also Read: Ethereum Co-Founder Moves 22K ETH To Kraken

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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