Bitcoin has been moving back and forth along the line between $22,500 and $23,500 with bears increasing their efforts over today’s trading session. BTC whales are putting more pressure on cryptocurrency.
Bitcoin (BTC), which trades at $22,900, has a profit of 2% in the last 24hrs and a loss of 4% over the week. BTC, which is in the bottom 10 according to market cap, has been slowing down, while Ethereum, Binance Coin and Cardano managed to maintain a profit margin over this period.
The following data are taken from the Material Indicators. sharedBy a pseudonym, it signaled a shift of market dynamics in low timeframes. Below, Bitcoin investors who have sold orders between $100,000 and $1 million in Bitcoins began offloading their currencies into the market.
The whale that wants to escape from the control of the market.
Purple ($100k – $1M) made these steps 👇
1. Below the price support, bids
2. Price up due to market buying
3. The price was pushed to the limit by asking for more
4. Market selling
5. All bids lower than $1000 are canceledDon’t forget to check out the Data By @Mtrl_Scientist pic.twitter.com/XY8fezFHyd
— Maartunn (@JA_Maartun) August 5, 2022
As a result, BTC’s price has been losing momentum and could see further losses if these investors continue to exercise pressure over the coming days. An analyst at Material Indicators noted that investors with these orders (purple on the chart above) have had “the most influence over Bitcoin’s price”.
This selling pressure by investors is preceded in part by lower bid liquidity. This means that, since Bitcoin whales began dumping, there have been fewer purchasing orders to support further losses.
This leaves BTC’s price susceptible to volatility and with the weekend approaching, the cryptocurrency seems poised for potential sudden moves in either direction. Material Indicators analyst shared the below chart and said that this is possible.
This weekend is expected to see more volatility. If the Bear Market Rally can push BTC above 25k there isn’t much friction to 26k – 28k range. The trend line could be lost, which would hurt bullish hopes. Mind the line (…).
The Long-Term Bitcoin Holders Make Profit
Glassnode, an on-chain analyst company supports the above. recordsAn increase in the selling pressure of Bitcoin long-term owners. After a short accumulation period, these investors are now making a profit.
This relief rally provided investors an opportunity to make profits, and then break even on their initial investments.
LONG-TERM HOLDERS have the chance to get their money back by selling a small portion of their holdings during this rally.
