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Cryptocurrency News Articles
Bitcoin (BTC) Faces Correction as Whales Accelerate Selling Pressure Ahead of US Rate Cut Decision
Sep 08, 2024 at 01:24 am
September is often a gloomy month for Bitcoin, and a drop below the $50,000 psychological level can happen this weekend, adding further downward pressure.
As the US rate cut decision approaches, Bitcoin faces a potential drop below the $50,000 mark due to accelerating whale sell-off pressure. This development is set to heighten market volatility.
According to a report by onchain intelligence service Lookonchain on September 7, an entity sold 100 BTC for a profit of about $206,000. The BTC were sold at an average price of more than $53,300 on September 2019.
This report further reveals that addresses believed to be planning to sell at a breakeven point purchased a total of 402,000 BTC, valued at over $21 billion.
Due to the massive quantity of market-moving wealth that whales possess, their actions can substantially affect the price movement of a cryptocurrency. As a result, crypto traders often look to whale selling patterns for clues about the short-term price trend of a coin.
Former CEO of cryptocurrency exchange BitMEX Arthur Hayes has warned that Bitcoin could face a drop below the $50,000 psychological level this weekend.
In a post on September 6, Hayes stated: “The price of BTC dropped 1.4% in the twenty-four hours leading up to 9:26 am UTC on September 7, losing the crucial $55,000 support. On a weekly basis, the first cryptocurrency in the world has lost about 8% of its value.”
Meanwhile, Bitfinex analysts have warned of a possible drop below $50,000 before the actual bull movement begins.
Speaking to Cointelegraph, the analysts noted that this is “not an arbitrary number, but based on the fact that the cycle peak in terms of percentage return reduces by around 60%–70% each cycle, and the average bull market correction has reduced as well.”
Adding to investor concerns about additional selling pressure, onchain intelligence service Lookonchain also observed on September 6 that an entity sold 100 BTC at a loss of about $18,000.
The BTC were sold at an average price of $53,340 on September 2019. This entity might have encountered financial difficulties and sold their BTC holdings at a loss to cover their urgent expenses.
While discussing the potential impact of the upcoming US Federal Reserve rate cut decision on September 18, Bitget Wallet COO Alvin Kan told Cointelegraph that they “expect BTC and the equity markets to face downward pressure leading up to the Fed’s official rate cut announcement.”
However, once the rate cut is confirmed after the September FOMC meeting, Kan predicts that “we may see a short- to mid-term boost in risk assets.”
According to Kan, institutional and whale buyers could drastically impact Bitcoin's short-term price.
“Given the current market volatility, there’s a possibility of BTC dipping below $50,000. However, this would depend on the strength of the selling pressure and the ability of buyers to absorb the selling pressure at lower price points,” Kan added.
“At the moment, the probability of BTC dipping below $50,000 is about 40%.”
Disclaimer:info@kdj.com
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