Bitcoin’s all time high after the 2024 halving peaked at nearly $74,000 on 14 March 2024. Since then, bitcoin’s price has had one deep 23% dip near $56,500 on 30 April 2024 before rising back to an accumulation range between $60,000 to $72,000.
Bitcoin has tested the $72,000 resistance a couple of times in the past two weeks, but has failed to break this barrier to run to new all time highs. Bitcoin dipped around 3% to a price of $68,299 today.
Many are wondering how bitcoin’s price has failed to keep running now that miners are only pulling in 450 bitcoin per day after the halving, while Bitcoin ETFs are accumulating millions of dollars in ETFs per day. Speculation includes bitcoin whales selling off, bitcoin miners selling immediately, and bitcoin shorts suppressing the price to avoid liquidation.
It seems no matter how many social media accounts are posting about bitcoin pumps, all time highs, and short term price predictions, the whales are still in charge of bitcoin’s price.