It’s been an exciting week for BTC! And, as we know it’s very difficult to keep up, today we’ve decided to bring you the top Bitcoin news.
Bitcoin Flirts Again with $12,000
We almost touched the clouds before we hit the ground
Believe it or not this week started with Bitcoin (BTC) flirting again with the key resistance level of $12K. However, the facts on the crypto market changed almost at the speed of light.
Without a doubt, Bitcoin’s price behavior is one of the highlights of the week, especially after it was rejected outright for the $12K.
After that the price of BTC has had ups and downs that have led it to lose the five figures several times. At the moment, Bitcoin is slightly above $10K.
But, the big question is, „What happened? In general, experts have pointed to a mining group as the culprit. To be more specific, CryptoQuant pointed out that the mining groups had been making profits.
Bitcoin hit a seven-week low. Crypto market in panic?
„The miners send a certain amount of BTC to the crypto exchanges periodically… Whenever they decide to sell, they seem to move a relatively significant amount of BTC to other portfolios, and some of them are going to be exchanged,“ said Ki Young-Ju, CEO of CryptoQuant.
Therefore, under this theory, the gradual sale of BTC by the miners since mid-August seems to have created significant selling pressure on Bitcoin.
However, this does not necessarily have to be an absolute truth. And that was made clear by Alejandro De La Torre, vice-president of Poolin, when he pointed out that „I can assure you that CryptoQuant does NOT know which portfolios are owned by Poolin… Even so, there are many assumptions.
Bitcoin price tries to keep the $10,000, but the risk of continuing the drop is still there
Buffett keeps dumping the US dollar, upward pressure for Bitcoin?
This week it was reported by Bloomberg that Warren Buffett and Berkshire Hathaway substantially reduced their positions in Wells Fargo, selling 100 million shares.
This is the latest move by Berkshire Hathaway to reduce its positions in the US economy. Previously in CryptoTrend we reported how the firm’s investment in Barrick Gold fueled the bullish case of Bitcoin.
The reason is that Bitcoin Storm had been improving its perception as a value depository. In fact, just Friday Cameron Winklevoss continued to insist on how Bitcoin as „digital gold“ would compete with gold in the long run.