Bitcoin whale activity sparks market concern as BTC hits a two-week low.
Negative ETF inflows and outflows further contribute to a bearish trend.
Bitcoin, the world’s largest cryptocurrency, recently plummeted to a two-week low of $57,701, with its price fluctuating between $57,768 and $59,896. Over the past seven days, Bitcoin has seen a 7% decline, while its 24-hour trading volume has decreased by 9%. This downward trend has sparked concern within the crypto community, particularly regarding recent whale activity.
A significant transaction involved a whale or institution depositing 2,364 BTC, valued at approximately $140 million, into Binance just four hours ago. This was followed by other notable movements: 900 BTC ($53.2 million) and 1,100 BTC ($65.1 million) were transferred from unknown wallets to Binance, while 1,783 BTC ($106 million) moved between unknown wallets. These actions have heightened market scrutiny amid the ongoing volatility.
Adding to the bearish sentiment, Bitcoin spot ETF inflows have turned negative. On August 30, Bitcoin spot ETFs saw a total net outflow of $176 million, marking four consecutive days of outflows. Grayscale‘s GBTC recorded an outflow of $70.223 million, while ARKB experienced a $65.05 million outflow. The total net asset value of Bitcoin spot ETFs now stands at $53.775 billion.
Can Bitcoin Break Resistance?
The daily chart indicates that BTC remains entrenched in a bearish trend. The 9-day Exponential Moving Average (EMA) is currently at $60,146, while the daily Relative Strength Index (RSI) sits at 49, suggesting the market is nearing oversold conditions.
Bitcoin Price Chart, Source: Sanbase
If bullish momentum returns, Bitcoin could encounter resistance at $62,748 and $65,018. However, sustained bearish sentiment could push the price down to $57,452, with potential support at $56,090.
As Bitcoin approaches these critical resistance levels, its ability to maintain momentum will be pivotal. Traders and investors are closely watching for signs of either continued strength or potential reversals in the near future.
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