Bitcoin Holds Strong Above $60,000 Despite $1.83 Billion In Whale Sales Over 72 Hours ⋆ ZyCrypto
The post Bitcoin Holds Strong Above $60,000 Despite $1.83 Billion In Whale Sales Over 72 Hours ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     In a strong display of resilience, Bitcoin (BTC) maintained its position above the $60,000 mark Thursday amidst a week of speculation and mixed signals in the crypto markets. Notably, the week began with heightened speculation surrounding an upcoming HBO documentary purporting to reveal the identity of Bitcoin’s enigmatic creator, Satoshi Nakamoto. Some analysts like Cryptoquant C.E.O warned that such a revelation could potentially bear bearish implications for the market. Wednesday saw Bitcoin briefly dip to $58,900, touching a three-week low. However, traders quickly identified this as a buying opportunity, with the market narrative shifting back to bullish following the release of the US Consumer Price Index (CPI) report. The report suggested that expected rate cuts by the Federal Reserve remain likely, propelling Bitcoin back above the $60,000 threshold. Yet, even as Bitcoin showed signs of recovery, some unsettling signals are beneath the surface. According to data from blockchain analytics firm Santiment, shared by popular crypto analyst Ali Martinez on Wednesday, “Bitcoin whales have sold or redistributed around 30,000 $BTC in the past 72 hours, totaling $1.83 billion.” He noted on Tuesday that “$5.64 billion in Bitcoin realized profits have been recorded in the last 24 hours,” indicating significant profit-taking activity. This trend has been ongoing since the beginning of the month, with Bitcoin miners selling 2,364 BTC (worth approximately $143 million) in just six days, as per the pundit’s October 4 tweet. Advertisement   While it’s challenging to pinpoint the exact identities of individual whales, institutional activity appears to be playing a significant role. Data from Coinbase shows a negative premium, indicating strong selling pressure from U.S. institutions. “The Coinbase Premium has dropped to -$41, reflecting notable selling from institutional players,” analyst Maartunn from CryptoQuant wrote. Despite these seeming headwinds, long-term market analysts remain optimistic. On Wednesday,…
Filed under: News - @ October 11, 2024 10:25 am