This week, Bitcoin fell sharply with recent maximums. Although macroeconomic factors played a role, the largest BTC holders had key influence.
It was the actions of large holders that directly influenced the price of BTC.
Bitcoin owners retreat
Over the past six days, Bitcoin Chita-addresses holding 10,000 to 100,000 BTC-sold more than 30,000 BTC (more than $ 3.45 billion). This sale is probably connected with the desire to fix the profit, as Bitcoin reached peak maximums. The analyst Cryptoquant Ja Maartunn notes that such a sales model corresponds to the past behavior of whales during the rally.
The actions of the whales caused a sharp decrease in bitcoin price. The sudden influx of BTC on the exchanges increased the pressure on the sale, which led to a drop in price.
Bitcoin macrositation demonstrates weakness. The recent surge of the Coin Days Destroyed indicator has become the second largest this year, reports Cryptoquant. The metric evaluates the volume of transactions in terms of how long the coins remained at rest until the transaction was made. It monitors the activity of long -term holders (LP). Her leap says that LTH sell their assets more actively.
Like whales, LTH greatly affect the price of BTC. When the Coin Days Destroyed metric increases sharply, this usually means that long -term holders are acting more actively their coins. This behavior enhances the pressure on the price, aggravating the current problems of bitcoin in the short term.
BTC price can continue to fall
The price of bitcoin is now barely retained above $ 115,000. A recent fall of 6%caused by the sales of large holders and the activity of long -term investors is fraught with a possible further decrease in BTC in the near future.
If the sales pressure continues, bitcoin can fall to the support of $ 112,526. The further decline will introduce $ 110,000 into the game. This will become almost a 6-week minimum and will cause fears about further weakening. However, if bitcoin bounces from support of $ 115,000 due to a change in the mood of investors or improving market conditions, it can recover to $ 117,261. A successful breakthrough of this level will open the path to $ 120,000, which will cancel the current bear’s forecast.
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Source: Cryptocurrency

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