The post Will Bitcoin recover from THIS $78.5M whale sale? Metrics suggest… appeared on BitcoinEthereumNews.com.

Bitcoin’s exchange reserves suggested that selling pressure was high Market indicators hinted at a bullish trend reversal Bitcoin [BTC], despite a brief bout of recovery, is struggling once again after its price slipped below $55,000 on the charts. In the meantime, an institutional investor deposited BTC worth millions of dollars, fueling sell-off concerns. Does this mean that BTC may be poised to see yet another price correction in the coming days? Are investors selling BTC? Bitcoin, like most other cryptos, also recorded a price drop last week as the coin’s price plummeted by nearly 8%. The bearish price trend continued in the last 24 hours because it dipped by over 2%. At the time of writing, BTC was trading at $54,284.69 with a market capitalization of over $1 trillion. While that happened, a large-scale investor sold a substantial amount of BTC. To be precise, Galaxy Digital deposited 1,458 BTC worth $78.5 million to Coinbase Prime. This update from Lookonchain suggested that whales are now selling BTC. Whenever whales sell BTC, it means that they are expecting an asset’s price to drop further. Hence, it’s worth taking a lot at other datasets to see whether selling pressure on the coin has been rising or not.  According to AMBCrypto’s analysis of CryptoQuant’s data, Bitcoin’s exchange reserves have risen lately. By extension, this meant that selling pressure on the coin has been high. Apart from that, at press time, both BTC’s Coinbase Premium and Funds Premium were red – A sign that selling sentiment was dominant among U.S and institutional investors.  Source: CryptoQuant What do the market indicators suggest? We then assessed the crypto’s metrics to find out whether they also hinted at a further price correction. As per our analysis of Glassnode’s data, BTC’s NVT ratio fell on the charts. Whenever that…

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Filed under: News - @ September 7, 2024 10:06 pm