Bitcoin Whales Turn Bearish?, What’s In Store For The Weekend

Bitcoin is oscillating between $22,500 and $23,500 with the bears making an effort in today’s trading session. Cryptocurrencies are under increasing selling pressure from BTC whales.

At the time of writing, Bitcoin (BTC) is trading at $22,900, gaining 2% over the past 24 hours and losing 4% over the past week. While BTC lags behind in the top 10 by market cap, Ethereum, Binance Coin, Cardano and Polkadot have managed to remain profitable and green over these periods.

data from the material index, share By pseudonymous users, we have shown changes in market dynamics for short timeframes. As you can see below, from about $100,000 he placed a $1 million sell order, a bitcoin investor has started pitching the coin to the market.

Whales wanting to get out were/rule the market.

Purple ($100k $1M) took these steps
1. Bid below to support the price
2. Market buying to encourage price increases
3. Prices pushed higher to ask
4. Fierce Market Sales
5.The following bids will be deleted

data by @Mtrl_Scientist pic.twitter.com/XY8fezFHyd

Martin (@JA_Maartun) August 5, 2022

As a result, BTC’s price has lost momentum and could see further losses if these investors continue to exert pressure over the next few days. (in purple) said they had the largest impact on Bitcoins price.

Selling pressure from these investors precedes a decline in bid liquidity. In other words, as the Bitcoin whale started dumping, there were fewer buy orders that could act as support in the event of further losses.

This leaves BTC’s price vulnerable to volatility, and it looks like the cryptocurrency could suddenly move in either direction as the weekend approaches.Analysts at Material Indicators share the chart below. Regarding this possibility, he said:

Expect more volatility over the weekend. If the bear market rally puts her BTC above 25,000, there won’t be much friction in the 26,000-28,000 range. Losing trendlines is bad for bullish hopes and dreams.

Long-term Bitcoin holders profit

Glassnode, an on-chain analyst firm supporting the above record Increased selling pressure from long-term Bitcoin holders. These investors are profiting after a short accumulation period.

The rally of relief experienced by the crypto market has provided these investors with an opportunity to profit and have reached breakeven on their initial investment.

The recent rally has given long-term holders the opportunity to part with some of their holdings on a cost basis at a price that essentially gets their money back.