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Cryptocurrency News Articles
Bitcoin Whales Cash Out $1.4B in Profit as BTC Price Prediction Turns Bearish
Oct 27, 2024 at 07:00 pm
Bitcoin [BTC] has once again entered the consolidation phase as its price lingered around $67k. Meanwhile, the big-pocketed players in the game chose to
Bitcoin [BTC] price remained consolidated as it hovered around the $67k mark. But, the big players in the game chose to cash in profits. Will this impact BTC price negatively in the coming days?
Bitcoin whales’ activity creates buzz
Ali, a popular crypto analyst, recently took to Twitter to highlight an interesting development. According to the tweet, Bitcoin whales recently cashed out over $1.4 billion in profits. This was evident from the massive rise in BTC long-term holders whales’ realized profit in USD.
Source X
In fact, earlier AMBCrypto also reported on the rise in BTC whale activity. BTC whales activity increased as they expand their holdings towards the 4 million mark. With this, BTC whales reached the 2021 levels.
Next, AMBCrypto decided to check market sentiment to find out if the surge in whale activity had any effect on buying behavior. According to our analysis of Santiment’s data, BTC exchange outflow spiked on the 20th of October 2024.
This caused BTC supply on exchanges to decrease while its supply outside exchanges increased. All of these metrics indicated that buying pressure on the king coin was high. An increase in the metric is considered a bullish signal as it is usually followed by a price hike.
Source: Santiment
Will BTC finally turn volatile again?
While all this happened, BTC price consolidated. The king coin’s price moved only marginally over the last week. At press time, it traded just above the $67k mark.
To better understand if the rising buying pressure will allow BTC to register gains, AMBCrypto checked CryptoQuant’s data.
According to our analysis, BTC aSORP turned red. This showed that more investors have recently started selling at a profit. In the midst of a bull market, it can indicate a market top.
Another bearish metric was the Net Unrealized Profit/Loss (NULP). The metric showed that investors were in a belief phase where they are currently in a state of high unrealized profits.
Source: CryptoQuant
Moreover, Bitcoin long/short ratio also saw a major decline. A decrease in the metric shows that there are more short positions in the market than long positions.
Whenever that happens, it indicates that bearish sentiment around an asset is increasing.
Read Bitcoin’s [BTC] Price Prediction 2024–2025
Next, we took a look at the king coin daily chart. The Bollinger Bands showed that BTC successfully tested its support at the 20-day SMA.
Furthermore, the technical indicator also suggested that BTC price was in a high volatility zone. These indicated that in case of an upward price move, BTC might soon reach its resistance at $68.5k.
Source: TradingView
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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