Bitcoin Reaches Low Below $95,000 Amid Coin Drain Strategy
Bitcoin (BTC) has updated its low below $95,000, a day after breaking through the $100,000 level.
The sharp decline coincided with a major fund move by crypto treasury firm Strategy, which users interpreted as a sell-off.
According to sources, Strategy transferred more than $1 billion worth of Bitcoin, which caused FUD in the market.
weRATE co-founder and analyst Quentin Francois publicly criticized the sale theories.
“It's crazy how much this 'Strategy sold Bitcoin' nonsense is spreading. No, they just moved the coins. This industry needs fewer clowns and more education,” he wrote.
Many users note that this is completely unlike the company's strategy, which, on the contrary, continues to buy the asset almost every week, regardless of the asset's price.
On the topic: Strategy bought an additional 487 BTC at the bottom without selling MSTR shares.
Strategy CEO Michael Saylor, however, did not comment on the company's move, but published a post urging investors to hold their positions. Economist and Bitcoin critic Peter Schiff immediately responded.
“You're the only one holding on to the Titanic. Better jump before it sinks completely,” he wrote.
What's next?
CryptoQuant analyst Maartunn also believes that now is not the time to panic, but rather a time to evaluate and make decisions.
Net volume of market orders. Source:
“These periods of intense selling pressure often create the best trading opportunities,” he noted.
Trader and investor Rand, in turn, suggested that Bitcoin's current state could foreshadow the beginning of its growth behind gold.
Bitcoin/gold dynamics. Source: Rand.
Historically, the first cryptocurrency often began to actively grow approximately eight weeks after the metal updated its maximum.
The expert also mentioned the planned debate between Binance exchange co-founder Changpeng (CZ) Zhao and Peter Schiff on Bitcoin and gold, scheduled for December 3-4. Users expect the discussion to have a definite impact on asset prices.
On the topic: Bitcoin will no longer follow gold's rise – Peter Schiff
This article does not contain investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making decisions.
Source: cryptonews.net
