- Bitcoin’s price has shown a slight increase in the last 24 hours, following a week of selling pressure from whales.
- Despite the selling pressure, market indicators suggest that Bitcoin could reclaim the $64k mark in the near future.
- However, with high net deposit on exchanges and a dominant selling sentiment among US and Korean investors, Bitcoin might experience slow-moving days ahead.
Bitcoin’s price shows a slight uptick, but will it be enough to reclaim the $64k mark? With whales selling off their holdings and high net deposit on exchanges, the road to recovery might be longer than expected.
Bitcoin’s Recent Performance
After a tough week, Bitcoin has started to stabilize, with its value staying above a crucial support level. According to CoinMarketCap, Bitcoin’s price has dropped by more than 3% in the last seven days. However, the last 24 hours have shown a marginal increase. At the time of writing, Bitcoin was trading at $61,011.10 with a market capitalization of over $1.2 trillion.
Whales Selling Off Bitcoin
Despite the slight increase in price, Bitcoin has been experiencing significant selling pressure. Data from CryptoQuant reveals that the coin’s net deposit on exchanges was high compared to the last seven-day average. Moreover, both its Coinbase Premium and Korea Premium were red, indicating a dominant selling sentiment among US and Korean investors. This selling pressure is not just from retail investors; whales have also been selling off their Bitcoin holdings. Data from Glassnode shows that the number of Bitcoin addresses with balances greater than $100k has dropped sharply over the last seven days.
Bitcoin’s Future Outlook
Given the recent sell-offs, it might take some time for Bitcoin to turn volatile in the northward direction. The coin’s Chaikin Money Flow (CMF) registered a sharp downtick, and its Relative Strength Index (RSI) also moved sideways under the neutral mark. The MACD displayed that the bulls and bears were competing against each other to gain an advantage in the market. All these indicators hint at slow-moving days ahead. For Bitcoin to turn volatile, it must first go above its 20-day Simple Moving Average (SMA).
Conclusion
While Bitcoin’s price has shown a slight increase in the last 24 hours, the road to recovery might be longer than expected due to the selling pressure from whales and high net deposit on exchanges. However, if Bitcoin manages to go above its 20-day SMA, it could potentially reclaim the $64k mark in the near future.
