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Cryptocurrency News Articles
Bitcoin Whales Flee Negative Volatility Ahead of US 2024 General Elections
Oct 10, 2024 at 03:32 pm
Despite the long-term prosperity of Bitcoin and the entire crypto industry, on-chain data shows more whale investors have been offloading their holdings.
output: As Bitcoin price continues to face selling pressure despite recovering from lows of $58,8K on Wednesday, on-chain data shows that four Bitcoin whales have moved over 1,500 BTC to exchanges. This development comes amid reports of虧損Satoshi-era miners transferring their coins to exchanges for sale.
Key Takeaways
After being rejected at the resistance level around $65.6K in the past few weeks, BTC price has continued with the multi-month bearish sentiment. The flagship coin dropped over 2 percent in the last 24 hours to trade about $60.8K on Thursday, October 10, during the early London session.
As Bitcoin price retested the crucial support level above $60K, the altcoin industry continued to bleed, leading to a loss of over 3 percent in the past 24 hours to a market cap of around $2.22 trillion at the time of this report.
Moreover, more than $161 million was liquidated from the crypto leverage market, mostly involving the long traders. From a technical standpoint, if Bitcoin price does not rebound from the current support level, another drop could lead to further altcoin correction in the near term.
According to veteran trader Peter Brandt, Bitcoin price could drop as much as $48K in the near term, before kicking off the next bull cycle with a target of about $135K by Q3 2025.
In the short term, BTC price continues to trade inside a falling parallel channel, which began in March this year. However, a consistent close above $66K will propel Bitcoin price towards its all-time high (ATH) before the end of this year.
Bitcoin Whales Sell Holdings Amid Negative Price VolatilityThe Bitcoin market has registered negative sentiment following the HBO documentary, which attempted to reveal the identity of Satoshi Nakamoto. According to on-chain data, Satoshi-era miners, who have remained inactive in the past 15 years, began transferring their coins to exchanges for sale.
According to on-chain data analysis by Spot On Chain, four Bitcoin whales, who previously accumulated more coins in June and August, have deposited over 1,500 coins in the past two days.
Meanwhile, the ARK 21Shares Bitcoin ETF led the US spot Bitcoin ETF issuers in bleeding on Wednesday, after registering a net cash outflow of over $44 million. Notably, only BlackRock’s IBIT registered a net cash inflow of about $13.8 million on Wednesday, while the rest of the issuers recorded zero cash flow.
According to market data from Coinglass, the supply of BTC on centralized exchanges increased by 3,284 coins in the past 24 hours, led by Binance.
Market PictureAfter consolidating for the past seven months, the crypto industry is expected to follow Gold in a bullish breakout in the near term. The upcoming US 2024 general elections are expected to trigger a fresh crypto bull market.
Furthermore, the Fed signaled further rate cuts in the near term during its recent FOMC meeting minutes. Additionally, the escalating geopolitical tensions in different regions have pushed investors away from the bond markets.
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Julia Sakovich on Xoutput:
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