The cryptocurrency market is going through a period of significant volatility, which is causing concern among investors. Recent data shows the increased activity of large-scale Bitcoin holders, or whales. For example, a newly created wallet withdrew 533.5 BTC (worth about $31 million) from Binance at a critical price point.
Bitcoin (BTC) continues to follow a volatile trend and is showing signs of further declines. After the consolidation breakout, BTC is expected to potentially drop to $54,600. If BTC drops to $56,850, it could result in the liquidation of long positions worth approximately $721 million. This potential liquidation risk is being closely monitored by major investors and market observers.
During this period when the market is facing difficulties, a significant increase in whale activity is observed. On August 16, a newly created wallet withdrew 533.5 BTC (worth $31 million) from Binance at $58,188. This action shows that whales continue to be interested in Bitcoin despite the current market conditions.
According to Spot On Chain data, six whales have accumulated 4,046 BTC and WBTC worth a total of $239.5 million from centralized exchanges. At the same time, BTC exchange reserves have decreased by 0.37% in the past 24 hours and 0.47% in the past week. This decline indicates that assets are shifting from exchanges to private wallets, and large holders are optimistic about the long term despite short-term volatility.
The volatile market conditions have also led to a significant decrease in the number of active Bitcoin addresses, down 27.6% in the last 24 hours. This suggests that regular users and small investors are withdrawing from the market, while whales are pursuing a more aggressive strategy. Despite this period of decline, Bitcoin is trading at $58,430, suggesting some stability despite the volatility.
COINOTAG’s technical analysis suggests a negative outlook for Bitcoin. The price of Bitcoin is trading below the 200 Exponential Moving Average (EMA) on the daily time frame. Bitcoin could break out of the consolidation zone between $61,800 and $58,500 and drop by around 6.5% to $54,600. Furthermore, data from Coinglass indicates two critical liquidation levels: $56,850 on the downside and $59,000 on the upside.
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I EXPLAIN IN DETAILED.
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