It's 'The Most Hated Rally,' Market Analyst Says Of Bitcoin, Solana And Avalanche: Here's Why

Institutional investors are waiting on the sidelines for more crypto regulations, according to the chief strategy officer of market intelligence firm CoinShares. Bitcoin (CRYPTO: BTC) has surged over 14% this week and hovering around $44,000, a stark contrast to its position in January.

Timeline of Avalanche, Bitcoin, Solana

On Dec. 4, 2023, the amount of bitcoin stored on centralized cryptocurrency exchanges hit a low of 2,001,259. However, recent data indicates that within a span of less than a week, exchanges have seen an influx of 21,436 bitcoin, valued at approximately $928 million.

The notable descent occurred precisely at 2:15 am UTC when Bitcoin swiftly nosedived from $43,357 to a low of $40,659. Despite a slight recovery, the leading cryptocurrency lingered at $41,960 at the time of reporting, based on TradingView data.

El Salvador will receive substantial funds through a new residency program aimed at high-net-worth individuals. Spearheaded by President Nayib Bukele and promoted by Bitcoin evangelist Max Keiser, the initiative, known as the “Adopting El Salvador Freedom” program, is drawing global attention for its unique approach to citizenship and investment in the Central American nation.

The crypto markets faced a sudden crash over the weekend, led by a 20-minute 6.5% Bitcoin price plunge, resulting in over $270 million of liquidations; the drop wiped out a week's worth of gains and came right before major events like US inflation data and the Fed's policy meeting this week, adding to crypto volatility.

Early on Monday, a swift correction erased billions from the crypto market, causing major tokens to lose up to 10% in value within half an hour. As of December 11, 2023, almost all top 20 coins by market cap were in the red for the past 24 hours.

It appears that certain Bitcoin (BTC) whales have demonstrated remarkable proficiency in trading, as evidenced by recent on-chain data analysis. A particular Bitcoin address, identified by its starting sequence 37BnFf, has been the focus of attention due to its highly successful trading strategies.

The 6.5% plunge represents the largest single-day decline for Bitcoin in over a month, despite the asset's overall growth of more than 12% in the past 30 days and an impressive 150% rally since January 1.

As the digital horizon continues to expand, the gravitational pull of Bitcoin, commonly referred to as “BTC coin,” shapes our approach to digital finance. This cryptocurrency behemoth has not only revolutionized the way we perceive monetary value but has also become a linchpin in the crypto ecosystem..

In a recent update to its exchange-traded fund (ETF) filing, BlackRock, the world's largest asset manager, has expressed concerns about the possible classification of Bitcoin as a security by the U.S. Securities and Exchange Commission (SEC).

Starting the week in a bearish mode, Bitcoin tumbles down to the $42K support with a double top reversal in the 4H chart. As the BTC price fails to cross the $45K barrier, Altcoins will enter a short pullback phase and take a short step back.