Attention! The Ship Is Taking Water in Bitcoin! The Critical Report Scared! Stunning Comment from 2 Analysts!
While Bitcoin (BTC) is starting to gain momentum again, the current on-chain data gives concrete clues about BTC’s next move.
Whales Continue to Sell!
Bitcoin price has risen by more than 2% in the last 24 hours and managed to cross the 17.000 dollar level again. BTC is currently trading at $17,236. However, on-chain data shows that whales are still selling. The behavior of whales, such as buying and selling Bitcoin, can easily help determine the Sunday cycle. The critical metric UTXO indicates that the upward trend in BTC prices is usually associated with the accumulation of Bitcoin by whales. However, on-chain data shows that whales have continued to sell their Bitcoins since June 2022. After the Terra (LUNA) crisis, Bitcoin whales sold about 367,000 BTC. In addition, the BTC price has steadily fallen since June. Therefore, Bitcoin whales are still selling their BTC, and the Bitcoin price is under pressure. In this context, it is critical for whales to make repurchases or at least not to sell BTCs.
Meanwhile, on-chain data shows that whales with 1,000 and 10,000 BTC continue to liquidate their BTC, while the risk of miner capitulation Decays. In fact, whales began to accumulate Bitcoin, but this situation was reversed due to the collapse of the crypto exchange FTX. When we Decipher the historical data, there is a big correlation between whale behavior and Bitcoin price. However, almost 80% of Bitcoin sales since June have come from whales. Therefore, the risk remains in Bitcoin.
Bitcoin Must Pass This Level!
There are many theories and claims about whether the bottom level has yet been seen in Bitcoin. On-chain data predicts that the BTC price may fall to $ 12,800. Analysts such as Michael van de Poppe and Jordan Belfort, known as the ”Wolf of Wall Street”, believe that Bitcoin can recover if it crosses the 18,000 dollar and suggest that the 16,5 thousand dollar is a critical support level.
BTC price is under pressure, as the risk of miner capitulation continues to cause concern for traders who want to take long positions. On-chain data reveals that miners are indeed selling their Bitcoins due to financial difficulties and the long winter. According to the Glasnode report, Bitcoin in the hands of miners fell to a 14-month low.
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