Bitcoin recently formed a new all-time high (ATH) of $124,474 before experiencing a 3.5% decline in the last 24 hours.
This decline follows the trend observed with encrypted data, indicating that whales (large holders) may be selling positions. Sales activities have a direct impact on the price of Bitcoin when travelling from As.
Bitcoin Zilla is capitalized
Over the past 24 hours, Binance has seen a significant increase in Bitcoin deposits, with 6,060 BTC worth around $722 million, added to the exchange’s balance. According to data from Cryptoquant, this surge comes primarily from whales.
Cryptoquant analyst Ja Maartunn points out that recent economic reports, including US unemployed claims, PPI and retail sales, have influenced whales’ behavior.
“Ahead of this week’s economic events, there is a possibility of a response to price increases and positioning,” Maartunn told Beincrypto.
The rise in Bitcoin balance suggests that whales are taking action amid uncertain economic data. Such behaviors tend to have a negative impact on prices as large transactions often show changes in emotions.
Changes to the net position of Hodler is an important metric that tracks the behavior of long-term holders (LTHS). Recently, changes to Hodler’s net position have moved away from the bear zone, indicating a decline in sales pressure.
This change in Hodler’s behavior is a positive signal, suggesting that major Bitcoin holders are working on their position. Despite recent ATH and subsequent DIP, the LTHS holds well. This will help stabilize the market and support a potential recovery. This resistance to sales could ultimately contribute to moving towards higher price levels, such as $122,000.
BTC prices are retained
Bitcoin prices are currently trading at $119,186 after falling below the key $120,000 level. Prices have fallen from the recent ATH of $124,474, indicating some volatility. Despite this decline, Bitcoin has maintained support of over $119,000, suggesting that recent DIP could be a short-term fix.
Given mixed market sentiment, Bitcoin could potentially play $120,000 as a solid support level. If the Bulls can maintain this level, Bitcoin could recover from recent dips and push towards $122,000.
However, if sales pressures intensify, Bitcoin’s price could fall at a support level of $117,261. A deeper decline could cost prices below $115,000, which would override bullish outlook and indicate further market weakness.
Why are post whales moving bitcoin in binance? The weekly whale watch first appeared on Beincrypto.
