Bitcoin Whales Halt Selling of Old BTC
According to a report by Santiment, the recent decline in the Bitcoin price could be attributed to large holders of the cryptocurrency. These holders, who possess a significant amount of old coins that have not been moved in a long time, started moving their coins when the price of BTC began to rise due to anticipation around Spot ETF approvals.
As these whales moved their coins, there was a noticeable drop in the price of Bitcoin. The age of their BTC holdings decreased, indicating that they were selling their older coins. However, after about a week of this activity, it appears that these whales have stopped moving their coins for now.
While this could be interpreted as a sign that the bull cycle is over, it is also possible that these whales are waiting for the price to recover before selling. If this is the case, selling pressure will decrease and Bitcoin will have the opportunity to regain its momentum.
Resistance at $43,000 Hinders Bitcoin’s Recovery
The Bitcoin price is currently facing resistance at the $43,000 level. Bears have been using this level to exert selling pressure, causing the rally to struggle. However, this resistance seems to be localized and has become a crucial level for Bitcoin to surpass.
If Bitcoin can overcome the $43,000 resistance, it could indicate a return of the rally and attract more investors. The next major resistance would then be at $45,000. On the other hand, if $43,000 fails to turn into support, it could lead to further price declines.
Hot Take: Potential Recovery for Bitcoin Price as Selling Subsides
There may finally be light at the end of the tunnel for the Bitcoin price as selling has begun to subside for the cryptocurrency. So far, it seems that the large holders have been the main driving force behind the price decline, which could explain why the rally has been suppressed for so long. However, as these large investors start to scale back their selling, the Bitcoin price could be looking at another recovery.
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