Bitcoin Whale Selling Cools as Traders Shift Focus to Key $59K Level
Bitcoin's price rose as whale selling decreased, with traders now focusing on the $59,430 support level.Summary
Bitcoin (BTC) experienced a price increase to $68,300 amid a decline in selling activity from large holders, or 'whales.' Analysis from CryptoQuant indicates a significant drop in BTC deposits to Binance, suggesting reduced selling pressure. The 200-week simple moving average at $59,430 is now considered a critical support level; historically, maintaining this level has preceded price recoveries. While some indicators suggest a potential bear market continuation, the decrease in whale deposits and increased accumulation by whales and sharks could signal a short-term slowdown in selling and a possible breakout. Perpetual cumulative volume delta also shows decreasing sell-side pressure. However, analysts caution that losing the $59,430 support could trigger further declines, potentially towards $41,000.
(Source：Cointelegraph)