“Bitcoin Price Plummets, Whales Cash Out“
The Bitcoin price has experienced a 3% drop, falling to $35,000. This signals a significant retracement after reaching $37,000 last week, prompting caution among investors. One reason for this decline is that Bitcoin whales have been selling off large amounts of the cryptocurrency. Over 15 wallets with over 1,000 BTC each either sold or redistributed their holdings recently.
Another concerning factor is the slowdown in the Bitcoin network. Despite the price surge, network growth has decreased, raising concerns about the sustainability of the uptrend. Analysts view this as a potential on-chain sell signal that traders should consider.
“Support Levels and Positive Developments“
Bitcoin has broken its crucial support at $36,400, with the next support level at $34,300 and $30,200. However, there are positive developments for BTC as well. The US CPI data indicates easing inflation, which could boost equity markets and potentially lead to a rally in Bitcoin prices.
Additionally, the SEC is set to announce its decision on the approval of a spot Bitcoin ETF by November 17. There is an increase in the likelihood of approval, which could further impact Bitcoin’s price.
“Hot Take: Keep an Eye on Bitcoin’s Red Flags and Positive Signs“
It’s essential to pay attention to red flags such as whale sell-offs and network slowdowns while also considering positive developments like potential ETF approval and easing inflation. Conduct thorough market research before making any investment decisions in cryptocurrencies to mitigate personal financial loss.
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