Bitcoin “Bear Whales” exhibits signs of stress as Analysts Eye Upside

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Bitcoin’s price has been fairly steady over the last few days, with its recent reluctance to lift $28,500 setting off a short-term consolidation period.
Where crypto trends in the medium term can depend to a large extent on whether or not bulls will invalidate these highs as a possible “blow-off top”
There has been speculation that the pace of the rally and the rejection have confirmed the bear-favoring.
Pattern, but BTC’s resilience has been a positive sign since then.
One on-chain analyst now states that where the next market developments will inevitably depend, at least in part, on the exodus of so-called “bear whales”
He notices that these large sellers are running out of steam, which may mean that the crypto benchmark is imminent.

Bitcoin has been consolidating since it hit a high of $28,500. The intensity seen at these peaks caused the cryptocurrency to lose some significant momentum and lower drift.

Despite its recent downturn, bulls have been building strong support within the $26,000 range, which is a positive sign of its mid-term outlook.

For even more mid-term upside, the exodus of these vendors might open the door.

 

Bitcoin Gains Support Following Formation of Potential “Blow-Off Top”

At the time of writing, Bitcoin is trading at just under 4 percent at its current price of $27,200. This represents a remarkable rally from its recent lows of $26,000 set to $28,500 after the transfer.

This was close to a blow-off top, but the rebound from these lows is a positive indication that this trend might be invalid.

Bulls must continue to protect the mid-$26,000 area in the days ahead.

 

On-Chain Analyst: Whales are Running Out of Selling Pressure

One analyst explained in a recent tweet that data indicates whales who have been offloading their Bitcoin holdings are beginning to run out of selling pressure.

“BTC whales seem exhausted to sell. Fewer whales are depositing to exchanges. I think this bull-run will continue as institutional investors keep buying and Exchange Whale Ratio keeps below 85%.”

Bitcoin

Image Courtesy of Ki Young Ju. Source: BTCUSD on TradingView.

The coming few days should shed some light on where the entire market is trending in the mid-term. The exodus of bearish whales does seem like a positive event, as it may alleviate some sell-side pressure that the crypto faces.

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