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Bitcoin Whales Are Not Selling BTC Yet

16 Apr, 2024 Crypto News

Bitcoin Whales Are Not Selling BTC Yet

On April 16, Bitcoin faced potential new lows as it briefly dipped below $62,000 twice during the Asia trading session, according to data from TradingView.

This occurred amidst a broader nervous sentiment in risk-asset markets, which also saw U.S. stocks struggling at the opening on Wall Street, with Bitcoin unable to sustain its initial rebound.

Popular trader Skew emphasized the importance of staying above the $62,000 mark to maintain any hope of a significant recovery, stating in a recent market update on X, “Very crucial to remain above $62K for any chance to see a considerable bounce.”

He also noted a prevailing risk-off mood among traders, with a trend towards de-risking and a growing pessimism in the perpetual swaps markets.

Despite expectations of bullish activity during European trading hours, the market remained stagnant with sideways movements at the time of his update.

Cointelegraph had previously reported potential lower targets for Bitcoin's price, suggesting it could drop to $59,000 on April 16 and possibly below $40,000 over the long term.

Whalemap, a monitoring platform, identified $52,000 and $48,000 as crucial levels based on whale liquidity data.

The Whalemap team commented on the market conditions, saying, “We’ve had euphoria at 70k. We had smart money take profit into it. We formed a consolidation range. Now, we are at its lows. If you believe Bitcoin will hold — now is the time to keep believing. Otherwise, we've got a bit of a shake out ahead of us.”

CoinGlass data indicated the heaviest sell-side liquidity was just above $64,000. However, whales seemed reluctant to sell into the declining market.

Research firm Santiment reported that the largest Bitcoin wallet cohorts have been increasing their holdings since March, despite the market volatility that drove Bitcoin’s price as low as $61.5K over the weekend.

The data showed wallets holding between 100 and 1,000 BTC had accumulated nearly 44,000 coins since March 1, with larger wallet classes adding more than double that amount.

This accumulation occurred despite Bitcoin reaching its most recent high on March 14.

Sources:

https://cointelegraph.com/news/bitcoin-whales-refuse-sell-btc-price-70k-euphoria

https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE

https://twitter.com/52kskew/status/1780134239180329438

https://twitter.com/whale_map/status/1780226611565986049/photo/1

https://www.coinglass.com/pro/futures/LiquidationHeatMap

https://twitter.com/santimentfeed/status/1780006438968209414/photo/1

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