Bitcoin price gives back all gains! Are whales preparing for the next stage of the bull market?
Bitcoin rose to $61,400 early yesterday, which is roughly where Bitcoin's 50-day moving average is located. After hitting this resistance level, Bitcoin gave back all gains later, so $60,000 still cannot be effectively broken.
On the contrary, Bitcoin's repeated fluctuations within the range have also led to large-scale liquidations in the futures market. After the $60,400 airdrop was blown up early yesterday, the airdrop near $61,400 was blown up. After that, the sharp drop in Bitcoin prices quickly cleared the long positions below. Since the death cross from the 50-day moving average to the 200-day moving average, Bitcoin prices have not seen signs of recovery. Such sideways fluctuations may continue, and there are many obvious resistance levels above.
Although the current price of Bitcoin has fallen by more than 20% from its historical high, long-term holders are still firmly holding Bitcoin. On the contrary, more than 20% of Bitcoin is still in the hands of short-term holders. The investment behavior of this group of people may cause the market to face greater selling pressure. In fact, up to 80% of short-term holders are currently in a state of loss, because the average price line of short-term holders is at $64,000, and the price of Bitcoin is now much lower than here. Historical data shows similar situations
