Bitcoin Finds Itself in a Dilemma as BTC Worth $2.1 Billion Exits Exchanges Amid Looming Bear Market
Having enjoyed a rollercoaster ride in December last year where it shattered historic highs one after the other, Bitcoin (BTC) has been witnessing a pullback after dropping below the psychological price of $100,000.
BTC hit a new all-time high (ATH) of $108,135 on December 17, but its price has now retraced back to $92,049, according to CoinGecko data.
As a result, the apex cryptocurrency is gridlocked in a dilemma based on the mixed reactions being experienced.
For instance, at least 22,000 BTC worth a whopping $2.1 billion exited crypto exchanges over the past week.
What does this mean? Well, cryptocurrencies leaving exchanges is bullish since it signals a holding culture because coins are held for future purposes other than speculation. In the process, selling pressure is reduced.
Despite this bullish picture being painted in the Bitcoin network, whales have been quietly selling in anticipation of a bear market.
Financial analyst Jacob King acknowledged, Bitcoin whales are quietly offloading as the incoming bear market looms.Super whales (10,000+ BTC) started selling in September, accelerating in the last 2 weeks. Whales (110,000 BTC) are now also ramping up sales too.
Given that Bitcoin finds itself in a period of uncertainty, renowned market analyst Ali Martinez believes that the top cryptocurrency ought to hold $92,000 to avoid a drop to the zone between $74,000 and $78,000.
Similar sentiments were shared by CryptoHamster who pointed out, Dont want to sound bearish, so, it is just a possibility (not to mention that the neckline is not broken yet). Head and Shoulders with the maximum target of ~75k and the average expected target ~81k.
As Bitcoin continues to traverse murky waters, caution should not be thrown to the wind, as the leading cryptocurrency has recently celebrated its 16th birthday.
Text source: ZyCrypto
