Bitcoin recently formed a new all-time high (ATH) of $124,474, before experiencing a 3.5% decline in the last 24 hours.
This drop follows a trend observed by CryptoQuant data, indicating that whales (large holders) may be selling their positions. The selling activity is directly affecting Bitcoin’s price as it moves from the ATH.
Bitcoin Whales Are Capitalizing
In the past 24 hours, Binance has seen a massive increase in Bitcoin deposits, with 6,060 BTC, worth approximately $722 million, added to the exchange’s balance. This surge primarily comes from whales, according to CryptoQuant’s data.
Analyst JA Maartunn from CryptoQuant notes that recent economic reports, including the US Jobless Claims, PPI, and Retail Sales, are influencing whale behavior.
“It likely a reaction to the increaseed prices and positioning ahead of this week’s economic events,” Maartunn told BeInCrypto.
The rise in Bitcoin’s balance on Binance suggests that whales are taking action amid uncertain economic data. Such behaviors tend to impact the price negatively, as large transactions often signal a shift in sentiment.
The HODLer Net Position Change is a key metric that tracks the behavior of long-term holders (LTHs). Recently, the HODLer Net Position Change has been moving away from the bearish zone, signaling a decline in selling pressure.
This shift in HODLer behavior is a positive signal, suggesting that major Bitcoin holders are staying committed to their positions. Despite the recent ATH and subsequent dip, LTHs are holding firm, which could help stabilize the market and support a potential recovery. This resistance to sell could ultimately contribute to a move back toward higher price levels, such as $122,000.
BTC Price Is Holding On
Bitcoin’s price is currently trading at $119,186 after slipping below the key $120,000 level. The price fell from the recent ATH of $124,474, showing some volatility. Despite this decline, Bitcoin is maintaining support above $119,000, suggesting that the recent dip could be a short-term correction.
Given the mixed market sentiment, Bitcoin could potentially reclaim $120,000 as a solid support level. If the bulls manage to maintain this level, Bitcoin might be able to recover from the recent dip and push towards $122,000.
However, if selling pressure intensifies, Bitcoin’s price may fall through the $117,261 support level. A deeper drop could take the price to $115,000 or lower, which would invalidate the bullish outlook and indicate further market weakness.
Coinbase
eToro
eToro
eToro
eToro
COCA wallet
UpHold
Moonacy
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
