Bitcoin Whales Sold August Rally, Will BTC Price Trend Lower?
Bitcoin is trending sideways into the long U.S. weekend with the price of BTC compressing around $19,500 and $20,500. The support around the lower zone of this range might be tested as the number one cryptocurrency struggles to preserve its current levels. Related Reading: AVAX Posts Over 2 Million Transactions Over The Weekend, New Highs Seen At the time of writing, Bitcoin (BTC) trades at $19,900 with a 1.4% profit over the past 7 days and sideways price action in the last 24 hours. BTC’s price is heavily underperforming other cryptocurrencies as Ethereum (11%), Cardano (14%), and....
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Bitcoin whales sold the highest amount of BTC since March, which is a bullish sign for BTC price based on previous market cycles. The price of Bitcoin (BTC) has reclaimed $15,500 on Nov. 11 after whales sold the highest amount of BTC since March. In the past cycles, the dominant cryptocurrency typically rallied after a sell-off from whales.On March 12, for instance, the All Exchanges Inflow Mean (MA7) indicator hit 3. At the time, BTC declined to as low as $3,596 on BitMEX after seeing cascading liquidations.Since then, the MA7 has never increased above 1.7. On Nov. 11, for the first time....
Bitcoin has undergone an extreme rally over the past few days, pushing from $19,000 to $23,800 at the highs. The cryptocurrency has since corrected to $23,000 as consolidation has begun after this massive thrust higher. Data shows that there were some whales that were not too excited about this rally. In fact, order book data […]
Analysts and traders discuss both bull and bear cases for Bitcoin after the BTC price plunged to $16,200. The price of Bitcoin (BTC) dropped sharply on Nov. 26 following a mass sell-off from whales. Data from on-chain data firms, namely Santiment, Intotheblock, and CryptoQuant, show heightened levels of whale exchange inflows.Whales selling right under Bitcoin's all-time high, particularly when the market sentiment was overly euphoric, led to a massive drop. Roughly $1.8 billion worth of futures contracts were wiped out, as Cointelegraph reported. Some exchanges, like Binance as an....
Bitcoin whales drove the rally to $48,000 and are aggressively buying, Binance exchange data shows. The price of Bitcoin (BTC) rallied to above $48,000 on Feb. 9, and has been consolidating since. Analysts from Material Indicators found that whales were the primary driver of the rally.This is largely considered a bullish sign. The probability of a Bitcoin top would increase when retail investors enter into the market en masse, as both the spot and derivatives markets get overheated.Why are whales driving the price of Bitcoin up?In recent months, so-called “mega whales” sold large amounts....
Bitcoin broke $40,000 in a strong recovery rally over the past three days as BTC could stabilize above the key level in the foreseeable future. The price of Bitcoin (BTC) broke above $40,000 on Feb. 6 for the first time in 23 days. But this time, the market sentiment is a lot calmer with a less overheated derivatives market.The combination of a less crowded Bitcoin futures market, the selling pressure from whales peaking, and a fast recovery could help BTC stabilize above $40,000 this time.Bitcoin recovers quickly after whales finish sellingOn Jan. 29, a pseudonymous Bitcoin researcher and....