Everyone is aware of the fact that Bitcoin’s halving event is getting closer. Most investors are speculating that it will be a major catalyst for price action, which is one of the reasons why $BTC recently hit an all-time high. However, it is currently in a correction phase, declining over 10% in the past week.
Some analysts see the price sliding further in the coming weeks, based on metric such as a stronger $US dollar report and continued Greyscale selling pressure. Others are of the opinion that the price will remain above $60k. Based on these different perspectives and technical analysis, it feels like a giant tug-of-war around the $60k threshold.
With price stable, there’s little price movement. Low volatility means low profit, pushing some investors in search for alternatives. $GFOX is a promising alternative, and many see it as the ideal investment vehicle. Investors anticipate sizable returns and are therefore hopping on the project.
Are Retail Investors Keeping the Price Above $60K?
The bull market seemed to have kicked off in the tail end of 2023. As of October, Bitcoin was trading at $34,000 and continued its upward trajectory till it hit a new ATH. On 14th of March, BTC traded above $73k for the first time, an all-time High.
At the moment, there is a significant price pullback which has BTC ranging between $60k-$65k. Bitcoin’s pullback had a ripple effect across other major cryptocurrencies, sending them into sharp decline. One question remaining is whether retail investors are the ones helping keep the price above $60k, or is it primarily institutional ETF buying pressure?.
The reason for BTC’s dip is not entirely known. Although there have been some dramatic price movements. On Monday, a large sell order on the platform caused $BTC to be listed at $8,900 momentarily (although prices on other exchanges was well above $60k). The broader market was also affected, as its total capitalization dropped by 8% minutes after.
Now, it seems retail investor interestin is holding the price above the $60K level. Based on the chart analysis, there has been massive selling pressure. However, $BTC seems to have found support around the $62k price range.
Over the past week, exchange wallets experienced a significant outflow of 36,640 BTC ($2.5 billion). It is noteworthy that during this period, whales did not increase their holdings. This suggests that it is retail investors who are currently accumulating assets.
Sellers have tried to force the price below the $60k threshold twice, but buyers remain strong. Another metric is the price volume. Over the past, the market has seen an average trading volume of $54.97 Billion. Although this is below the volume for weeks prior, its significance shows retail investors are active, keeping the price above $60k.
Is Galaxy Fox the Best Crypto to Invest in During The Bull Run?
The Galaxy Fox project is the next play-to-earn sensation. Its native token, $GFOX is generating market interest. The token combines play-to-earn (P2E) mechanics with meme culture. As an innovative meme token, it offers a unique opportunity for investors to diversify their portfolios.
Investors are being drawn to the project’s unique functionality. Galaxy Fox is more than a meme coin; it is a P2E game based on epic space adventures. It integrates a captivating Web3 endless runner concept and rewards player for their adventures. At the end of each adventure, the top 20% of players will earn real rewards through $GFOX tokens.
The project is a dynamic ecosystem, featuring 3,000 unique NFTs. These NFT assets were designed with special in-game abilities. That’s not all, they enhance gameplay. They can also be traded on the Galaxy Fox marketplace. The game’s network uses a deflationary model that increases token value over time. It aslo dedicates 2% of transaction fees to its community’s growth and social media sustainability.
Is $GFOX the best meme coin to buy during the bull run? To answer this, we have to examine its price action. However, the token is relatively new. Since it is currently in presale, we will be reviewing its presale performance.
Galaxy Fox has raised an impressive $5.2 million in its ongoing presale. It is currently in its 10th stage, which is the final stage. At this stage, the token is priced at $0.00364. So far, 89.94% of the tokens allocated to the presale have been sold. With few tokens left, the token’s launch on major exchanges is imminent. This will see initial investors earn up to 100x of their investment.
The hype surrounding $GFOX has been reflected in its presale. It shows that investors are getting drawn to really creative coins. This explains the broad market’s liking for Galaxy Fox’s substantial real development potential. The token is expected to experience increased demand, value, and price in subsequent months. This is majorly attributed to the network’s protocol burn.
Final Thoughts
BTC’s price is experiencing a correction during a broader bull market, which is a normal and healthy thing for $BTC to do, especially pre-halving. Yet now is the best time to consider investing in another cryptocurrency. $GFOX is a great option as it offers innovative play-to-earn gaming with utility. It is one of the few memecoins that can boast of serious utility. These features make it one of the best $BTC alternatives. With a successful presale coming to an end and an upcoming DEX listing, $GFOX is a crypto to watch out for in the coming months.
Learn more about $GFOX here:
Visit Galaxy Fox Presale | Join the Community
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