Bitcoin (BTC) has slipped below $94,000 as it continues to decline, thanks to growing economic uncertainty, trade tensions with China, and renewed tariff tensions. The flagship cryptocurrency is down nearly 1% and trading around $93,920.
BTC lost momentum over the weekend despite reaching an intraday high of $98,000 on Friday, thanks to selling pressure and profit-taking. BTC continues to trade between $90,000 and $97,000 as its April rally cools.
Anthony Pompliano Identifies Best Time To Buy Bitcoin
Anthony Pompliano has identified a buying opportunity for less-experienced Bitcoin investors as markets continue to experience substantial volatility. Pompliano considers the current market as a classic buying opportunity, especially for smaller investors, urging them to move in contrary directions from professional investors. The crypto and Bitcoin bull shared the unconventional advice in a post on X, suggesting that now is the best time to buy as bears take over the market. According to Pompliano, the bull exits will be followed by substantial rebounds, allowing investors to make substantial profits.
However, the advice divided investors, drawing mixed reactions. One user disagreed with Pompliano, stating this was bad advice without understanding the reasons behind the bulls’ exit from the market before calling it a buying opportunity.
Dormant Bitcoin Whales Reawaken After A Decade
Two dormant Bitcoin wallets from the Satoshi era have become active after over a decade, moving a combined $325 million worth of Bitcoin ahead of a major Federal Reserve decision on interest rates. According to data from blockchain analytics platform Spot On Chain, the first wallet transferred 2,343 BTC worth $222.2 million to a new wallet after over ten years of inactivity. Historical data shows the user acquired 2,187 BTC in July 2013 for just $185,850. The second whale became active after over 11 years, moving 1,079 BTC worth $102 million, accumulating them in mid-2013 at an estimated cost of $91,713 per coin.
The reasons behind the substantial movements remain unclear but could be due to a change in ownership, recovered private keys, or long-term holders preparing to liquidate their holdings. Significantly, the movements come just before the Federal Reserve decides on interest rates. The Fed is widely expected to maintain interest rates at current levels as policymakers adopt a wait-and-watch approach amid economic uncertainties, trade tensions, and tariffs.
Bitcoin At A Crucial “Decision Point”
BTC’s price action lost momentum after getting caught up in a risk-averse sentiment as markets fretted about renewed fears of a US-China trade war, slowing economic growth, and more tariffs. While BTC and the broader crypto markets are not directly impacted by disruptions in global trade, their speculative nature makes them vulnerable to shifts in market sentiment, leading to volatility.
Analysts believe BTC is at a vital decision point, with one analyst discussing how the flagship cryptocurrency is looking based on its UTXO Realized Price Distribution (URPD). The URPD tells us what part of the BTC supply was last purchased at the different price levels it has reached. The analyst stated that BTC sits right in the middle of a decision point as any large move up or down from that point would impact the profit and loss status of Bitcoin addresses.
Strategy Announces Latest Bitcoin Purchase
Michael Saylor’s Strategy completed its latest acquisition of Bitcoin, purchasing 1,895 BTC worth $180 million last week. The purchase concludes a $21 billion at-the-money equity offering program announced in October. The firm now owns a staggering 555,500 BTC worth $52.4 billion at current prices. The latest purchase is the smallest acquisition of the asset by the firm since January.
The firm funded the acquisition by selling $52 million worth of perpetual “STRK” preferred stock and $128.5 million worth of common shares. According to the company, it can still issue $20.87 billion worth of preferred stock. However, it disclosed it could no longer sell common stock through its equity offering program, stating it had been substantially depleted over the past six months. The company doubled down on its Bitcoin ambitions, stating it intended to purchase as much Bitcoin as possible while unveiling a similar equity offering program. The program will allow the company to sell another $21 billion in common shares. The company also plans to issue $21 billion in corporate debt and raise $84 billion in under three years.
Bernstein reiterated an “Outperform” rating for the company, setting a price target of $600 per share. Bernstein analysts also highlighted Strategy’s ability to accelerate its Bitcoin acquisition plans.
“MSTR continues to hyper-scale its Bitcoin acquisition strategy. We continue to like MSTR as the most scalable Bitcoin vehicle tapping into large institutional pools unable to access Bitcoin/spot ETFs.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is trading below $94,000 as it continues its decline during the ongoing session after selling pressure registered an uptick. The flagship cryptocurrency lost momentum after surging to an intraday high of $98,000 Friday. However, by Sunday, it had slipped below $95,000 and settled at $94,390. The current session has seen sellers tighten their grip as BTC drops lower. According to analysts, the price was falling back into a trading range extending from $90,000 to $97,000 as BTC’s rally cooled.
BTC’s recent decline has been attributed to profit-taking and a growing risk-averse sentiment as markets grapple with slowed economic growth, an escalation of the US-China trade war, and tariffs. Markets were optimistic about a US-China trade deal, but recent comments from officials indicated serious trade discussions were yet to begin. Trump also announced plans to impose tariffs on pharmaceutical imports, further rattling an already jittery market. Trump also stated he intends to keep crypto away from China.
“Crypto is a whole new thing that started not so long ago… but I’m very much in favor of crypto because otherwise, China is going to take it over and just like AI, just many to many other industries… crypto is very important.”
BTC has been trading in a narrow range since Friday (April 25), when it registered an increase of almost 1% and settled at $94,776. However, it lost momentum over the weekend, registering a marginal drop on Saturday and 0.99% on Sunday to settle at $93,803. Despite the negative sentiment, BTC registered an increase of 1.28% to claim $95,000 and settle at $95,002. Price action turned bearish on Tuesday as buyers lost momentum. As a result, BTC fell 0.70% to $94,342. The price faced volatility on Wednesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as BTC registered a marginal decline and settled at $94,155.
Source: TradingView
Bullish sentiment returned on Thursday as markets rallied. As a result, BTC rose over 2%, surging past $96,000 and settling at $96,458. Buyers retained control on Friday as the price rose to an intraday high of $98,000 before settling at $96,939, ultimately registering a marginal increase. Price action turned bearish over the weekend thanks to selling pressure and profit-taking. BTC fell 0.98% on Saturday and 1.66% on Sunday, slipping below $95,000 and settling at $94,390. BTC started the current week positively, rising 0.41% to $94,773. The current session sees BTC down over 1% and trading at $93,810, having slipped below $94,000.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
