Bitcoin slumps from $94K peak as HODLers cash out over $3 billion
The post Bitcoin slumps from $94K peak as HODLers cash out over $3 billion appeared on BitcoinEthereumNews.com.
BTC broke its previous ATH when it rose to over $94,000. It is trading at around $92,500 at press time. Bitcoin [BTC] experienced a dramatic reversal after reaching a record high of $94,000 in the last trading session. This peak was followed by a sharp decline, triggered by long-term holders liquidating positions worth $3 billion. On-chain data indicated that the HODLer Net Position Change metric has plummeted to its most negative levels in months, while exchange netflows also hinted at increased selling pressure. This combination of factors has left the market wondering: Is this the start of a deeper correction or a consolidation before further gains? Bitcoin slumps: Price action and technical analysis Bitcoin’s price chart highlighted its meteoric rise to $94,000 before retreating to $92,500. Analysis by AMBCrypto showed that BTC’s price, which started at around $90,000, rose to around $94,105 in the last trading session. The trading volume showed a significant increase, reflecting heightened activity during the sell-off. The 50-day moving average remained above the 200-day moving average, indicating that the long-term uptrend was still intact. Source: TradingView However, the RSI sat at 76.62, signaling overbought conditions. This, coupled with the MACD’s weakening momentum, suggested that Bitcoin could enter a consolidation phase or even a short-term correction. Support levels around $90,000 and $85,000 will be critical to watch, as a breach of these levels might exacerbate the downturn. HODLer behavior: Profit-taking at peak levels AMBCrypto’s analysis of Glassnode’s chart showed the HODLer Net Position Change revealed a significant shift in long-term holder behavior. After months of accumulation (indicated by green bars), recent activity shows a sharp transition to distribution (red bars). As of this writing, the HODLer chart has registered its most negative trend since June. Over 37,000 BTC, valued at over $3.4 billion, has been sold off.…
Filed under: News - @ November 20, 2024 10:20 pm