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May 22, 2024
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Bitcoin Whales Start to Dump–Has the BTC Price Rally Been Undermined by the Bears?

The post Bitcoin Whales Start to Dump–Has the BTC Price Rally Been Undermined by the Bears? appeared first on Coinpedia Fintech News

Bitcoin again starts to hover within narrow regions as the market awaits the next major move, regardless of the direction. The volume has dropped notably, which has forced the price to remain within the narrow band. With this, some look at the end of the Bitcoin upswing, while many believe the price is undergoing a parabolic curve where-in higher highs and lows are imminent. 

Meanwhile, the main concern lies with the whales, who are trying to mount significant selling pressure. Besides, the mid-tier addresses are accumulating finely, and hence this whale behavior may highly impact the price in the coming days. As per the data from an on-chain analytical platform, Santiment, the addresses of 1000 to 10,000 coins are on the rise while whales dump. 

The whales’ behavior suggests that either the FOMO factor for top-tier addresses is increasing or that a breakout is about to occur. Moreover, the BTC price had also slipped below $30,000 for a while but recovered finely, but was unable to reclaim its value back above $30,500.  Meanwhile, almost all of the traders who purchased Bitcoin in the last seven days have not moved and are still holding.

Besides, the analyst says that the BTC price is primed to surge higher as the majority of the trading volume remains unchanged, while the miners continue to liquidate to cover the expenses. Therefore, just a spark is required to push the Bitcoin (BTC) prices higher. With this, a notable rise beyond the crucial resistance at $32,000 may be imminent.  

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