Bitcoin Whale Remains Adamant to Sell, BTC Abandons $70,000 Euphoria
Bitcoin has sharply declined, giving up its recent gains and falling below the $70,000 threshold. Despite the price decline, Bitcoin whales have shown resiliency by holding onto their holdings. The market saw a quick turnaround, with Bitcoin seeing steep price drops in a few hours.
Many investors were taken aback by this abrupt decline, which brought attention to the market’s intrinsic volatility and unpredictable nature. Separate data reports from TradingView and Cointelegraph Markets Pro disclosed that at two different occasions, the dip went below $62,000 during the Asia trading season.
TradingView also linked the wobbling United States stocks on Wall Street, which have declined so low that they have refused to rebound. CoinGlass explained that the biggest group of sellers sold their holdings at $64,000.
However, the inflation rate data from the United States Bureau of Labor Statistics, through the Consumer Price Index (CPI) has toppled it’s initial position in June 2022, at 9.1%, the highest since 1982.
Bitcoin Whales’ Refusal to Sell Connotes a Strong Future for BTC
Whales’ resiliency indicates that they believe in Bitcoin’s long-term prospects and capacity to withstand transient swings. It is possible to read Bitcoin whales’ refusal to sell their holdings during the most recent price decline as a positive indicator for the future of the cryptocurrency.
Recently, the bitcoin price has frequently fluctuated, followed by consolidation phases and increases. The Asia trading session has been marked by increased trading activity and volatility, with news and events unique to the area constantly influencing price movements. The declines below $62,000 during the Asia trading session could have worsened by short-term traders taking profits or regulatory concerns.
As of press time, the price of Bitcoin trades at $63,854.42, recording 0.64% in 24 24-hour trading period. The market capitalization is $1,254,588,464,267, representing a 0.29% gain in the past 24 hours. The trading volume recorded a 2.89% drop, reporting $42,976,279,717 in 24 hours.
Experts Intervene, Says Increase in Price Reason for Massive Sell-off
Commenting on the development, William Suberg from CoinDesk has stated that it is imperative to adopt a long-term outlook by assessing Bitcoin’s performance and prospects. He also advised that investors must proceed with care and conduct extensive research before investing during market instability.
William also explained that while short-term price movements may cause temporary fluctuations, the broader trajectory of Bitcoin’s adoption and acceptance as a digital store of value remains intact. Whales have become unabated about selling their assets amid declining cryptocurrency markets.
Santiment data (on X) disclosed that the current increase is the primary reason Bitcoin stakeholders are not letting go of their holdings. This is regardless of the current price volatility that has dragged the value of cryptocurrency down to a little over $61,000 during the week.
Almost 44,000 BTC sparked the number of wallets holding between 1,000 BTC and 100 BTC by March 1. Other wallets with more significant assets increased the number of coins to round it up.
Bitcoin Witnessed Two Major Dips During Asia Trading Session
The first major dip happened after the latest all-time high on March 14. Whalemap studied the whale’s investment pattern, disclosing that there are between $48,000 and $52,000 major asset levels. The team at Whalemap said there was a price euphoria at $70,000, which led investors to take profits, which also served as a consolidation range.
A cryptocurrency influencer and a popular trader with the X name “Skew” has posted that Bitcoin must remain above the $62,000 price mark. Doing so will make a strong rebound. Skew emphasizes the following closely, describing a risk-free atmosphere across all major exchanges.
He also explained the drop in BTC price due to increasing pessimism and high-risk factors, claiming that with a less risk factor, the BTC may likely find its way back amid the ongoing halving event. He also predicted that the Bull may surface during the European trading session.
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