A Signal to Buy? Bitcoin Facing Pressure, But Whales Own More Than $331 Billion in BTC!
The on-chain data reveals something different, even if Bitcoin prices are stuck in a tight range and are struggling to gain momentum. One expert points out that the biggest cryptocurrency holders, known as "whales," are aggressively amassing the coin with the greatest market value, which brings us to X.
Bitcoin Extremavors Amassing Wealth Despite Market Decline
When this information was made public, Bitcoin whales had 5.1 million BTC, which was worth an incredible $331 billion. That there is still demand when the coin moves in a narrow range flies in the face of recent market weakness and skeptics betting on even more price dumps.
The current price of Bitcoin is between $60,000 and $73,800, firmly within a range. Even after the Halving on April 20, the currency has not been able to climb further, failing to breach beyond $70,000 despite general market optimism. Prices may be solid, but the lack of action after April 21 and 22 suggests they are weak.
If the price of BTCUSDT were to break over the middle BB, the market may see a dramatic explosion. The coin's momentum may take it to new heights if the recent surge is supported by good underlying developments.
When sellers start buying again, however, Bitcoin's price can fall considerably more. A negative signal was given by the strong rejection of bulls on April 24. So, this may trigger a series of lower lows, bringing the currency down to its April 2023 lows or perhaps lower.
Fearful Traders Record Massive Losses
Two of the largest cryptocurrency exchanges in terms of trading volume, Binance and OKX, have seen panic sellers unload 5,137 BTC worth of cryptocurrency at a loss over the last two weeks, according to data from parallel markets. Prices have been swooping downward over this period, according to the statistics, and bulls have been unable to halt the selloff, particularly after two consecutive losses on April 12 and 13.
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