Whale Sightings Become Scarce, Removing Downward Pressure on Bitcoin: Analyst
Big bitcoin balance holders, or "whales," are moving less crypto onto exchanges, signaling some reduction of sell-side pressure, according to CryptoQuant.
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Bitcoin has continued its downward trajectory when observed over weekly and monthly timeframes, recording an 8.4% decline in the past week and a 16.2% drop over the past month. However, in the shorter time frame, signs of potential reversal are emerging. Over the past 24 hours, Bitcoin has seen a slight recovery, with its price rising to $81,647. This shift has led analysts to closely examine whale activity and exchange trends to determine whether the correction phase may be nearing an end. Related Reading: Bitcoin’s SOPR Nears Critical Level—Is a Deeper Correction Ahead? Binance’s Whale....