Bitcoin again begins to float within tight regions as the market waits for the next major move, regardless of direction. Volume has dropped noticeably, forcing the price to stay within the narrow band. With this, some see the end of Bitcoin’s rally, while many believe that the price is going through a parabolic curve where higher highs and lower lows are imminent.
Meanwhile, the main concern lies with the whales, who are trying to exert significant selling pressure. Also, the mid-tier addresses are piling up thinly and thus this behavior of the whales may have a big impact on the price in the coming days. According to data from an on-chain analytics platform, Santiment, addresses of 1,000 to 10,000 coins are on the rise as whales unload.
The behavior of the whales suggests that the FOMO factor for top-level addresses is increasing or a breakout is about to occur. In addition, the BTC price had also dipped below $30,000 for a while, but it recovered finely, but was unable to recover its value above $30,500. Meanwhile, almost all traders who bought Bitcoin in the last few seven days they have not moved and are still waiting.
Prices are set at the margin.
97% of all #Bitcoin He hasn’t moved in the last 7 days.
The vast majority of trading volume is BTC itself being passed around and miners selling new coins to break even.
Any spark in demand can quickly send the price up. pic.twitter.com/qbdPAaMr42
— Joe Burnett (🔑)³ (@IIICapital) April 14, 2023
Furthermore, the analyst says that the BTC price is poised to go higher as most trading volume remains unchanged while miners continue to liquidate to break even. Therefore, only a spark is required to drive Bitcoin (BTC) prices higher. With this, a notable rally beyond the crucial resistance of $32,000 may be imminent.
This post Bitcoin Whales Begin to Capsize: Did Bears Undermine BTC’s Price Rally?
was published first on https://coinpedia.org/price-analysis/bitcoin-whales-start-to-dump-has-the-btc-price-rally-been-undermined-by-the-bears/
