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In this struggling cryptocurrency market, Bitcoin Whales and sharks are the ones continuously taking advantage of the price drop. Over the last 30 days, Bitcoin (BTC) the world’s biggest cryptocurrency has experienced a significant price drop of over 14%, potentially due to Japan’s interest rate update, Mt. Gox’s massive BTC distribution, the German government’s BTC sell-off, and other factors.
Bitcoin Whales and Sharks Accumulate 133k BTC
Amid this selling pressure, small traders, in panic, offloaded significant BTC holdings. Meanwhile, Whales and Sharks that hold 10-10k BTC have accumulated over 133.3k more coins, according to the on-chain analytic firm Santiment.
Bitcoin currently sits at $58.9K, which is apparently just fine for whale and shark holders. Over the past month, wallets with 10-10K BTC have collectively accumulated 133.3K more coins while smaller traders continue to impatiently drop their holdings to them. pic.twitter.com/CmOU1tdVwN
— Santiment (@santimentfeed) August 28, 2024
This accumulation indicates that the BTC price drop is favorable for whales and sharks.
Bitcoin Price Prediction
According to the expert technical analyst, Bitcoin has turned bearish as it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame. Additionally, it is at a crucial support level of $58,000.
Source: Trading View
In the last 20 days, BTC has revisited this support level several times, and each time it has experienced a price surge of over 8%. Based on the historical price momentum, there is a high chance that BTC could once again soar by 8% in the coming days.
Meanwhile, if BTC fails to hold the $58,000 level and closes a daily candle below the $57,500, there is a possibility it could experience a massive sell-off to the $54,000 level.
Falling BTC Price and Open Interest
At press time, BTC is trading near the $58,600 level and has experienced a price drop of over 5% in the last 24 hours. However, its trading volume has increased by 50% during the same period, indicating higher participation from traders amid price drops.
Meanwhile, BTC’s open interest has dropped by 10% in the last 24 hours, according to the data from the on-chain analytic firm CoinGlass. This decline in open interest indicates lower interest and increased fears in the market.
