Bitcoin Surge Faces Hurdles as Whale Movements Shake the Market
Main Idea
Bitcoin's recent surge to an all-time high was followed by a 3.5% retracement due to large-scale sell-side transactions by whales, with market volatility suggesting potential further price fluctuations.
Key Points
1. Bitcoin recently reached an all-time high of $124,474 but retraced 3.5% in the past 24 hours due to whale sell-offs.
2. Approximately 6,060 BTC (worth $722 million) was deposited into Binance, primarily by whales, indicating potential market uncertainty.
3. The HODLer Net Position Change indicator shows long-term investors are resisting selling, suggesting underlying market strength.
4. Bitcoin's current price is fluctuating around $119,186, with $120,000 acting as a potential support level if buyers defend it.
5. If selling pressure increases, Bitcoin could drop below $117,261, potentially falling to $115,000 or lower.
Description
Bitcoin hit a record high but faced a 3.5% decline due to whale selling. Whale activities and economic data influence market sentiment and price movements. Continue Reading: Bitcoin Surge Faces Hurdles as Whale Movements Shake the Market The post Bitcoin Surge Faces Hurdles as Whale Movements Shake the Market appeared first on COINTURK NEWS .
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