Bitcoin Whales Selling Pressure Hits the Fan: What Next for BTC?
Bitcoin whales are back in action, selling the cryptocurrency in large quantities. The surge in selling pressure coincided with BTC’s return to $100,000, raising concerns about its ability to maintain this critical threshold.
If this happens, numerous predictions that Bitcoin could break $125,000 may be postponed.
Bitcoin tycoons no longer hold Bitcoin
Data from IntoTheBlock shows large holders of Bitcoin net traffic – a metric that tracks the network Buy or selling via addresses holding more than 1% of the circulating supply – a significant change over the past week. A week ago, when the price of Bitcoin was $97,885, net flows were 28,570 BTC.
However, things have changed. As of now, net flow has dropped to -3,960 BTC. in bitcoin current price At $100,954, this negative net flow equates to whale sales of approximately $400 million.
This indicates a significant increase in selling pressure from large Bitcoin holders. If sustained, this could push Bitcoin prices lower in the coming days.
Total Bitcoin transaction outflows support this argument. Foreign exchange outflows measure Coins sent from Centralized platform to external self-hosted wallet. When this indicator rises, it means that most holders are not planning to sell.
However, a decrease means a decrease in ownership, which could have a negative impact on the price. According to CryptoQuant, Bitcoin transaction outflows have declined from the peak reached on December 11. If this decline continues, Bitcoin’s price may be on the verge of falling Again under $100,000.
BTC Price Prediction: $91,000 Is Imminent
Looking at the daily BTC/USD chart, the Moving Average Convergence Divergence (MACD) has fallen into negative territory. MACD measures momentum, with positive values indicating bullish conditions and retracements indicating the opposite.
Therefore, this decrease indicates Bitcoin price rebounds To $100,000 may not last. In this case, the possible price area for BTC could reach around $91,918. If market conditions become extremely bearish and Bitcoin whales Selling pressure intensifies, It could drop to $80,437.
However, if buying pressure increases, Bitcoin price may climb above the $101,173 resistance. In this case, the cryptocurrency could rise to $108,000.
Disclaimer
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