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

Spread the love

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.

RECOMMENDED READ:  The cryptocurrency market cap has surpassed $2 trillion, making it as valuable as Apple.

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%.”


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.

 452 Interactions,  2 today

The Nigerian Securities and Exchange Commission (SEC) claims that the central bank’s crypto ban has caused business disruption.

The Nigerian Securities and Exchange Commission says it is collaborating with the central bank to develop a regulatory system for Read more

Finance authorities dismiss cryptocurrencies, in the wake of Coinbase’s IPO celebrations

Economic gatekeepers are taking a closer look at blockchain as mainstream coverage of the Bitcoin bubble and Coinbase listing intensifies. Read more

Romanian university intends to consider cryptocurrency payments for admissions fees.

The academic college, which has about 11,000 students, stated that the inclusion of crypto payments was part of a campaign Read more

Bitcoin Price Movement Analysis for 11th April, 2021

Is Bitcoin nearing its peak? It's unlikely. Many on-chain measurements revealed that, although Bitcoin was highly bullish, it had not Read more

Fidelity’s Tom Jessop on why Crypto has reached a “tipping point.”

The crypto market has gained traction as a result of low interest rates and fiscal stimulus, according to a Fidelity Read more

How arrests for attempting to obtain a hitman and a nuclear bomb demonstrate that the dark web is not always anonymous.

Paying with cryptocurrency does not guarantee your safety. Most of the criticisms levelled at cryptocurrencies is that its difficult-to-trace existence Read more

RECOMMENDED READ:  4 Signs Show Chainlink (LINK) May See Strong Reversal After 1,700% Rally
Bitcoin, BTT, Dogecoin Price Movement Analysis for 7th April, 2021

Bitcoin was expected to remain above the $55,800-support, a level that coincided with its 200-SMA. BitTorrent Token was projected to Read more

The cryptocurrency market cap has surpassed $2 trillion, making it as valuable as Apple.

For the first time, the total market value of all cryptocurrencies exceeds $2 trillion. According to Goingecko numbers, the total Read more

Why crypto analyst Ben Armstrong says, ‘He Very Confident Bitcoin Will Reach $300K This Year.’

Recently, blockchain expert and influencer Ben Armstrong mentioned Bitcoin in a video posted to his highly popular YouTube channel “BitBoy Read more

Binance Coin, Dogecoin, SushiSwap Price Movement Analysis for 4th April, 2021

Binance Coin predicted that fresher record thresholds will be set in the coming days due to solid technicals. Following a Read more

Tron Price Movement Analysis for 4th April, 2021

In the cryptocurrency industry, excessive uncertainty has had a long-term effect on the price of the digital commodity. This uncertainty Read more

Leave a Reply

Contact Us