Bitcoin Price Faces Bearish Pressure as Whales Move $286M
The post Bitcoin Price Faces Bearish Pressure as Whales Move $286M appeared on BitcoinEthereumNews.com.
Bitcoin price market trajectory continues to attract scrutiny as whale activity and bearish predictions stir uncertainty. A whale has deposited 778 BTC ($72 million) into Kraken. Adding to a total of 3,038 BTC ($286 million) moved since December 20. Whale Movements Fuel Bearish Concerns Recent whale activities have raised concerns on the rising selling pressure. Large amounts of Bitcoin being sent to exchanges are usually indicative of selling, which can further depress prices, especially in a bear market. This activity has led to the price of Bitcoin being at around $92,000 with $94,000 acting as a resistance point. The implications do not stop at price action. Whale movement can lead to market manipulation, with large traders provoking panic among small Investors. In such situations, fear, uncertainty, and doubt (FUD) always run rife, causing much volatility. Additionally, short-term volatility makes new investors stay away, due to the lack of certainty in the value of Bitcoin. Bitcoin’s RSI Signals Mixed Outlook Short-term oscillators such as the Relative Strength Index (RSI) are still flashing conflicting signals for BTC. As pointed out by analyst Ali, bear markets in Bitcoin have always started when the monthly RSI is at 92. In the past, Bitcoin price rallies occur at RSI Levels of 80-92 and are followed by a steep drop, leading to corrections. Nevertheless, staying below overbought territory, a further RSI reduction might result in a pullback towards $85,000–$90,000 support levels. Bitcoin chart: X On the other hand, if RSI moves upward, of course, Bitcoin could retest the psychological level of $100,000 which will be a major level. Price Consolidates Amid Heightened Volume In the past day, Bitcoin’s price fluctuated mildly between $91,271 and $94,590. The price drop of 0.75% has taken Bitcoin down to $92,695.Trading volume has increased by 54.30% to $54.81 billion, which also…
Filed under: News - @ January 1, 2025 9:26 pm