Bitcoin encountered resistance at the $51,700 level, which is the lower boundary of the Fibonacci expansion, after experiencing fluctuations between the January peak of $48,800 and the bottom price of $38,500.
In early February, the cryptocurrency rose above this resistance and reached $53,000, establishing itself as a confirmed support level. Right now, there’s another potential target of $55,000.
Bitcoin Whales’ Actions and Market Dynamics
Even though the price of Bitcoin (BTC) has risen to higher levels, new data suggested that whales still miss out on their Bitcoin. The average price at which big Bitcoin whales who’ve been actively trading in the last month sold their BTC is $40.5K.
This group consists of whales whose latest transaction occurred within the last 30 days, hold over 100 BTC, and have a wallet unlinked to centralized exchanges. This indicates missed profit opportunities. Their actions might contribute to short-term downward pressure.
At press time, BTC is trading at $51,077.08 as its price declined by 0.06% in the last 24 hours. This indicates that active whales didn’t maximize their profits and might influence market sentiment. Traders may interpret this as a sign that even large holders aren’t confident in a sustained bullish trend.
Exploring Algotech (ALGT): Innovations in Algorithmic Trading
As Bitcoin lands resistance after spectacular recovery but hopes to eye 55k, this brings investors to flock to Algotech as a promising advancement in the DeFi space, and it sets the stage for a triumphant presale. Demonstrating its potential, Algotech has successfully secured $1.1 million in just two days during its private seed sale.
Algotech (ALGT) sets itself apart in the realm of algorithmic trading, leveraging data-driven analysis, intricate algorithms, and automation to navigate the complexities of the market. By minimizing the impact of human intuition and emotions, Algotech embraces a data-driven approach, empowering investors with precise and efficient strategies.
Algotech emerges as a game-changer and revolutionizes its traders to protect and grow their capital by providing top-notch trading capabilities at the touch of a button.
Sponsored
Investors participating in the Algotech presale unlock a range of benefits, including secure voting governance rights, partial ownership of the software, and a share in profits through dividends. This unique incentive structure aims to foster a sense of ownership and community involvement among ALGT holders.
Algotech introduces a sustainable revenue model, where a 30% performance fee is collected from users benefiting from its algorithms. This fee is then distributed to ALGT holders, offering them passive and residual income opportunities as they engage with Algotech’s innovative trading ecosystem.
With the public presale now in Stage 1, investors have the opportunity to acquire ALGT at an attractive altcoin price of $0.04. As Algotech continues to innovate in the field of crypto trading, participating in its presale presents an opportunity for potential long-term advantages.
Learn more:
Visit Algotech website
Join The Algotech Community
This article contains a press release from an external source. The opinions and information presented may differ from those of DailyCoin. Readers are encouraged to independently verify the details and consult with experts before acting on any information provided. Please note that our Terms and Conditions, Privacy Policy, and Risk Warning have been recently updated.
