Bitcoin Price Bounce Likely Despite 1,300% Jump in Selling — Here’s Why
Despite a massive 1,300% surge in selling pressure from short-term holders, Bitcoin's price remains stable due to emerging bullish technical signals and increased whale accumulation.Summary
Bitcoin is currently trading near $105,300, showing surprising stability despite a sharp 1,300% increase in selling pressure originating from short-term holders transferring BTC to exchanges between November 8th and 10th. This resilience suggests that fresh demand is offsetting the sell orders.
Technical indicators support a potential rebound, as the 20-period Exponential Moving Average (EMA) is nearing a bullish crossover with the 50-period EMA, a pattern that previously preceded a rally. Furthermore, large holders (whales owning over 1,000 BTC) increased their holdings by about 1.9% in the same period, adding roughly $2.7 billion worth of BTC, which can absorb significant selling.
Key price levels define the next move: a close above $105,500 could lead to $109,700 and higher targets, but a close below $102,900 would invalidate the short-term bullish structure and expose the $98,800 level.
(Source：BeInCrypto)