The crypto whales have two main objectives: to move and accumulate. catalysts for Bitcoin Prices are increasing. The price of major whales has increased. still buying the dip. Data from the chain indicates that there is a general decline in accumulation momentum, suggesting their belief may be diminishing.
The IntoTheBlock on-chain analysis firm has reported that Bitcoin whale accumulation volume in the last month have decreased substantially. The decline of whale accumulation could be worrying for investorsBitcoin has been trying hard to maintain a price above $60,000, and this is causing some concern.
The On-Chain Data shows that the whale appetite for Bitcoin has declined.
The accumulation of whales (large investors with more than 1,000 BTC) has been strong since the beginning, and especially when the markets have slumped. This has been a major factor in keeping Bitcoin’s bullish spirit and preventing huge price drops. IntoTheBlock has recently shown an interesting pattern among these whales wallets during each accumulation phase.
Between March 5th and 7th, these wallets accumulated over 120.000 BTC. Each subsequent dip in price has however seen less of an accumulation. Bitcoin’s recent drop to $56,000 did not attract significant accumulation from whales. Whales’ buying and selling activities have dropped, which indicates that they may not be as interested in Bitcoin accumulation in the near future.
The dip is a popular product among whales, but are they still as convinced?
🛍️Recent months have seen a significant increase in the number of addresses that hold over 1000 BTC, particularly during times of dips.
📈Price increases have been rapid after each accumulation.
However, note that each spike in accumulation by… pic.twitter.com/OkbekJr5NC
— IntoTheBlock (@intotheblock) May 6, 2024
Precursor For A Crash To $50,000?
Bitcoin’s fading conviction has led to the question, “Can Bitcoin reverse into an a? full bearish momentum. The concerns raised are especially valid when some analysts hold the belief that Bitcoin is a fraud. might’ve reached its peak In this cycle.
As IntoTheBlock pointed out, the prices increased after every accumulation in this year. Although the reduced whale-buying activity may stall the price increase in the near term, this isn’t a sign that Bitcoin will crash. The trend could continue for several more weeks, but it would indicate lower demand, and possibly a weakening of the bull market.
The “In/Out Of Money Metric”Between $59,000 and $60,000, the volume is very strong. This range would again push 552 220 addresses to losses if it dropped below. While a fall to this level may be difficult for some holders, many crypto analysts believe that it would not cause any serious harm. remain optimistic about Bitcoin’s long-term prospects.
Bitcoin was trading for $61,488 at the time this article was written. Crypto recently recovered around $57,000 and has gained 7.4% over the last seven days. According to Marco Johanning of the analyst Marco Johanning $57,000 is an important support level Bitcoin. He said that although a drop below $57,000 may lead to further drops into $52,000 the crypto market remains very bullish on Bitcoin.
Source:| Source: BTCUSD on Tradingview.com
Charts from Tradingview.com and FameEX.
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