Although BTC has some historical data to back it up, it is still important to acknowledge that these are only a couple of metrics to take into consideration and it is still very important to look for confluence as well as consider the macro backdrop.
According to CoinMarketCap, Bitcoin (BTC) is currently trading at $21,291.69 after a 1.22% drop in price over the last 24 hours and after reaching a high of $21,877.14 over the same time period. Although BTC is down over the last day, the crypto is still up 11.43% over the last week helping other altcoins like Compound, Concordium, Aave, etc experience growth in the past week.
In some related news as updated on CoinQuora, 137,000 BTC worth about $2.8 billion will soon be released into the market. This is stimulating some concern for crypto analysts like Miles Deutsher. The Crypto Banter host believes that the release of the 137,000 BTC could drive a devastating decline in the price of BTC due to the increased sell pressure. Many crypto fans believe that this drop in BTC’s price could align with Ethereum’s Merge which could in turn lead to “The Flipping” becoming a reality. The Flipping is a historical event where Ethereum overtakes Bitcoin market cap.
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