đ Bitcoin Whale Sheds Holdings Amid Ongoing Market Volatility.
A prominent Bitcoin whale, associated with the address 35TZj, has recently decreased its holdings amid market fluctuations, according to Odaily. This whale began accumulating Bitcoin in July, with an average purchase price of $63,878. Approximately 30 minutes ago, the whale sold 300 BTC, amounting to roughly $18.25 million.
Previously, between July 10 and July 23, the whale had withdrawn a total of 855 BTC from exchanges. During the market crash on August 5, the whale panic-sold 297 BTC. Factoring in todayâs sale, the whale has incurred a total loss of nearly $4.08 million. The address still holds 259 BTC, with an unrealized loss of $805,000.
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đ#FLOKI Double Bottom Bullish Structuređ
đ§ After making a weekly correction, we constructed a double bottom bullish structure near the weekly buy zone. At present, we have reached the stage resistance zone and encountered resistance. If there can be a good callback, I will consider placing some long orders. If you make a horizontal consolidation breakthrough, you can pay attention to the entry opportunities during the breakthrough.
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Franklin Templeton, a prominent global investment firm, has launched its tokenized money market fund on the Avalanche blockchain, as announced by the Avalanche Foundation on Thursday. This development marks a significant step in the integration of traditional finance with blockchain technology. However, the broader market sentiment remains cautious. Regulatory uncertainties and market volatility continue to pose challenges. While this move by Franklin Templeton demonstrates confidence in blockchain's potential, the overall outlook for the industry is tempered by ongoing scrutiny and the need for clearer regulatory frameworks.
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Bitcoin Miner Reserves Reach Two-Year High â Price Decline Looms
The surge has brought miner reserves to a total of 368,000 Bitcoin.
Bitcoin reserves held by miners have surged to their highest level in over two years, raising concerns about a potential decline in Bitcoinâs price.
Historical patterns suggest that when miner reserves reach significant levels, it often precedes a downturn in the cryptocurrency market, according to a recent report by CryptoQuant.
Per the report, miner reserves on over-the-counter (OTC) desks have seen a massive increase, hitting a level not observed since June 2022.
Bitcoin Miner Reserves Reach 368,000 BTC
More specifically, the surge has brought miner reserves to a total of 368,000 Bitcoin, valued at approximately $22.36 billion.
âHistorically, increases in Bitcoin OTC desk balances have been associated with declines in Bitcoin prices,â the CryptoQuant report noted.
The 70% surge in miner OTC balances over the past three months suggests that miners might be preparing to sell large amounts of Bitcoin, which could exert downward pressure on the market.
The report draws parallels to previous instances where high miner reserves were followed by sharp price declines.
For example, in May 2018, when miner OTC balances exceeded 400,000 BTC, Bitcoinâs price was around $8,475.
By December of that year, the price had plummeted by 63% to $3,183. A similar pattern occurred in November 2021, when Bitcoin was trading at approximately $64,000 and miner reserves were near an all-time high of 500,000 BTC.
Within two months, the price had dropped by 45% to 35,058$
đą Big News in the Crypto World! đą
Sony is diving into blockchain with its new project, Soneium, developed alongside Singapore's Startale. The Soneium testnet goes live soon, offering developers a playground for innovative applications. đ
- **Decentralized Vision**: Sony aims to decentralize the internet, tackling limited adoption and use cases in Web3.
- **Three-Year Plan**: Year 1 focuses on Web3 users, Year 2 integrates Sony products, and Year 3 opens to other enterprises.
- **Tech Specs**: Built on Optimism's OP Stack, integrating Astar's zero-knowledge EVM.
What do you think? Comment below! đ
đ Bitcoin (BTC/USDT) Trading Signalđ
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THe chart shows a descending wedge pattern with multiple touches on the upper and lower trendlines, which typically indicates a potential bullish breakout.Detail analysis:
1ïžâŁKey Support Levels:
â$47,710 and $43,882 are key long-term support levels.
âIf the price drops, the area around $51,000 could provide a strong buying opportunity as indicated by the green support zone.
2ïžâŁPotential Scenarios:
âScenario 1:If BTC breaks above the descending trendline, the price could target $66,000 and further upwards towards $70,000.
âScenario 2:In case of a failed breakout, BTC could retest the $54,000 zone before attempting another breakout.
3ïžâŁTechnical Indicators:
âThe RSI shows a downward trend, indicating a potential bounce back once the oversold region is hit.
âVolume has decreased, signaling a possible consolidation before a bigger move.
4ïžâŁActionable Trade:
âConsider a long position around $60,219 with a target towards $66,000. Place a stop-loss below the $60,000 support zone.
â ïž Always use proper risk management and assess the downside risk in case of invalidation of this pattern.
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