Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin Under Pressure But Whales Hold Over $331 Billion Of BTC: A Sign To Buy?

Share This Post

While Bitcoin prices struggle for momentum and are caged inside a narrow range, on-chain data tells a different story. Taking to X, one analyst notes that whales, which are large crypto holders, are actively accumulating the world’s largest coin by market cap. 

BTC whales accumulating | Source: Analyst via X

Bitcoin Whales Accumulating Despite Weakness

By the time this data was shared, Bitcoin whales held over 5.1 million BTC worth a staggering $331 billion. That there is still demand when the coin moves in a narrow range flies in the face of recent market weakness and skeptics betting on even more price dumps.

Currently, Bitcoin is inside a range, with caps at $73,800 and $60,000. Despite overall market confidence, the coin has failed to pull higher, breaking above $70,000 even after Halving on April 20. Even though prices are firm, the absence of follow-through after April 21 and 22 hints at weakness.

Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

From the BTCUSDT price chart, the coin could explode should it break above the middle BB. If the leg up is accompanied by positive fundamental events, momentum could push the coin to all-time highs.

On the flip side, BTC is likely to slip even lower should sellers flow back. The sharp rejection of bulls on April 24 is bearish. As such, this might set a wave of lower lows in motion, taking the coin below April 2023 lows.

Traders Panicked Sold, Register Huge Losses

Parallel market data shows panic sellers on Binance and OKX, two major crypto exchanges by trading volumes, have dumped a combined 5,137 BTC at a loss over the past two weeks. As data shows, prices have been weaving lower during this time, with bulls failing to counter the dump, especially after two consecutive losses on April 12 and 13.

Meanwhile, there have been sharp outflows from ARKB, the spot Bitcoin exchange-traded fund (ETF). Data shows that ARKB sold 490 BTC, worth $31 million, on April 25. This is the third-largest single-day outflow in history.

ARKB outflows | Source: Analyst via X

Recent price pressures on BTC coincide with a marked drop in spot ETF inflows in the second half of April. On April 25, Lookonchain data revealed that GBTC and all the nine spot ETF issuers decreased over 2,100 BTC worth roughly $135 million.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

XRP Price Prediction For May 26

The post XRP Price Prediction For May 26 appeared first on Coinpedia Fintech News The price of XRP has been moving quietly without any big changes over the past few days On the daily chart, XRP

2,000MW Of Pakistan’s Extra Electricity Now Reserved For Bitcoin Rigs

Pakistan’s government has moved to put its excess electricity to work in a surprising way It has set aside 2,000 megawatts of surplus power for Bitcoin mining and artificial-intelligence centers

Bitcoin Price Aims Higher: Is the Rally Just Getting Started?

Bitcoin price started a fresh increase and traded to a new all-time high above the $111,600 zone BTC is now consolidating and might start another increase above $111,000 Bitcoin started a fresh

$430B Bitcoin Flood: Institutions Set to Hold Over 4.2M BTC by 2026

Institutions are on track to scoop up over 42 million BTC by 2026, as explosive capital inflows, sovereign adoption, and yield strategies converge—new research maps unstoppable bitcoin momentum

Bitcoin Cup-And-Handle Pattern Suggests Bull Target Remains At $300,000 – Details

Popular market analyst Gert Van Lagen has audaciously backed Bitcoin (BTC) to hit the $300,000 price mark amid the current bull run Van Lagen’s prediction comes a few days after establishing a new

Tether to issue separate stablecoin for U.S. despite ‘getting comfortable’ with the Genius Act, CEO says

Tether CEO Paolo Ardoino told Bloomberg on Friday that the company is “open to” creating a separate domestic stablecoin to meet the needs of the US market The news comes amid the US trying to