Bitcoin Whales Show Limits to Accumulation: What Does This Mean for BTC?

  • Bitcoin whales have sold 367,000 bitcoins since June 2022
  • Exchange supply reached a four-year low as stablecoin data revealed a potential willingness to accumulate

bitcoin [BTC] Data from CryptoQuant revealed that the whales’ holdings and consumer behavior were locked on both sides. So were the whales, according to the comprehensive cryptocurrency trading data provider actively busy with the sale.

Read Bitcoins [BTC] predict the price 2023-24

Interestingly, the action dates back to June 2022 and resulted in the dumping of 367,000 bitcoins. The structure of this situation often has a modeling effect on the potential decrease or increase in assets. Given this situation, BTC may find it difficult to consolidate despite its rally above $17,000.

Whales spend BTC while others prepare

Although there have been cases where whales sold out and piled high, this current scenario was different. CryptoQuant’s knowledge of the situation revealed they were not hoarding BTC, which led to a spending spree.

This condition is usually characterized by a price drop on continuation. Thus, BTC faced the possibility of further decline. The signs were amazing, according to Bitcoin Spent Output Value Bands.

Source: feeling

With this pile, this meant that whales made up a large portion of those moving their coins around. However, periods of aggressive selling did not come as a surprise, as shown in the chart above.

While the market has passed FTX breakdown And the Luna Collide, Miners surrender still exists. Since it often goes hand in hand with electoral procedures, a rally cannot be expected in the short term.

Further, feelings mentioned Bitcoin has reached a four-year low on the stock exchange. As of the time of this writing, the supply on the stock exchanges is 6,418.

This very low value indicates that there may be a decrease in selling pressure in the short term. Plus data from on-chain platforms open that supply Rope [USDT] It rose to 36773. If this trend continues, it means that investors are preparing to buy, and BTC may not fall to its current lows.

However, the cryptocurrency years that destroyed (CYD) had interesting indications from a long-term BTC point of view. according to glass knot, the action rose slightly to 173.88 at the time of writing. At this point, this meant that the accumulation of Bitcoin could increase and move towards peak values.

As mentioned earlier, with whales dumping, action could be the business of retail investors. Compared to the USDT offer, the opportunity may be valid.

Destroyed years of supply-adjusted bitcoins

Source: Glassnode

I won’t stay here long

Despite BTC recording a 2.36% increase in the last 24 hours, indicators from the chart show that it is far from over with its decline. Going forward, the king coin may struggle in its attempt to stay above $17,000 as indicated by the exponential moving average (EMA).

At the time of writing, the 50 EMA (yellow) is approaching the 20 EMA (blue). This situation means that the recent surge in BTC had no confirmation of support, and a rejection could be imminent. However, the 200 EMA (purple) which is rising above both the 20 and 50 levels showed that the potential decline may not last for long.

Bitcoin price movement

Source: TradingView

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