As a researcher with a background in finance and experience in analyzing cryptocurrency markets, I find the current Bitcoin price trend concerning. The data and charts indicate that whales are liquidating their Bitcoin holdings, causing the price to drop below the short-term average realized price of $62.6k. This is a significant level as it acts as both resistance in bear markets and support in bull markets.
Recent data suggests that whales are once more unloading their Bitcoin holdings, as signaled by on-chain information and chart analysis. The value of Bitcoin has fallen below its recent average purchase price of $62,600, increasing the possibility of a decline to $57,000. This development aligns with the maximum pain point for Bitcoin options expiry set for this coming Friday.
Bitcoin Price Crash Risks Mounts As Whales Liquidate
As an analyst, I would describe it this way: The short-term average realized price (STARP) is a significant benchmark that functions as resistance in downturns and support during uptrends for Bitcoin (BTC). Throughout this year, BTC has bounced back twice from the STARP. However, a recent decline below this level poses a risk for long positions to be liquidated and potentially triggers increased shorting activities among traders.
Based on CryptoQuant’s analysis, if Bitcoin (BTC) fails to surpass the $62,600 mark in the upcoming days, this level could potentially act as a resistance point for future price increases. The negative market sentiment suggests that any potential rebound may not occur until next week due to several significant macro events scheduled for that timeframe.
As a researcher studying the cryptocurrency market, I’ve noticed a pervasive sense of pessimism leading traders to exercise caution. Unfortunately, no significant rebound has emerged in the crypto market as of now. Moreover, long-term holder (LTH) on-chain data indicates a waning interest among those who have held onto their Bitcoin for extended periods.
Whales And Entities Selling BTC
As a Bitcoin analyst, I’ve come across recent news that a wallet belonging to an early Bitcoin miner, dormant since the Satoshi era, has become active again and transferred 50 BTC to Binance. However, Bitcoin maximalist Fred Krueger holds a contrasting viewpoint, asserting “I no longer believe these miners play a significant role in determining Bitcoin’s price.”
As a researcher studying cryptocurrency markets, I’ve come across some intriguing transactions reported by Whale Alert. Two significant whale transactions took place recently: one transferred approximately 1200 Bitcoin (BTC), equivalent to over $73 million, to Binance. Another whale moved around 1710 BTC, or roughly $104 million, to Kraken. It’s essential to note that these large-scale transfers could be indicative of upcoming market movements. With the US Personal Consumption Expenditure (PCE) inflation data and options expiry approaching tomorrow, whales might be heavily dumping Bitcoin in anticipation of potential price shifts.
Additionally, Genesis Trading moved 1000 Bitcoin worth approximately $61.95 million to the cryptocurrency exchange Binance. According to on-chain analyst Lookonchain, large investors, referred to as “smart whales,” are depositing Bitcoin to crypto exchanges in preparation for a potential decrease in its value to around $57,000.
Expert response:
As a crypto investor, I’ve noticed an intraday price increase of 0.60% for Bitcoin, which is currently priced at $61,951. The lowest and highest points in the past 24 hours were $60,580 and $62,333 respectively. However, there’s been a noticeable decrease of 6% in trading volume over the same period. This could suggest waning trader interest.
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2024-06-27 18:32