Bitcoins Price Struggle: Will Whales Drive the Next Surge?
- Bitcoin hovers at $96.5K as whales transfer more BTC to exchanges, but show restraint with no immediate sell-offs.
- Rising Bitcoin inflows suggest potential short-term selling pressure, yet whales hold back, waiting for clearer signals.
- Analysts eye $96K support level; Bitcoins breakout potential depends on holding this key mark amid uncertain market conditions.
Bitcoin has stayed around the $96,500 mark eliciting both positive and negative sentiments across the industry. While some traders are turning positive, others are still a bit conservative. Larger investors moreover look more cautious, hesitating as Bitcoin price oscillates and undergoes retests on a regular basis.
Source: TradingView
The analytical platform CryptoQuant has published a report that reveals the activities of Bitcoins whales, which are big investors with large amounts of the cryptocurrency. In the past days after the U.S. elections on November 5, BTC has been sent to the exchanges by these whales at a higher rate. But the Adjusted SOPR (Spent Output Profit Ratio) does not show signs of profit-taking either. This indicates that while Bitcoin is being transferred to exchanges the whales are not immediately selling the Bitcoins showing some level of restraint.
Source: CryptoQuant
Bitcoins Inflow Surge
Such a surge in the number of Bitcoins coming onto exchanges may be associated with short-term selling pressure. But since these assets are not sold, it is possible that they are to be used for such purposes as hedging, OTC trading or as collateral. This is indicative of wait and see approach that so often is used by whales, as they observe the market for possible signs to make large movements.
However, no evident signs of mass sell-offs at the moment but the rising inflows to exchanges can be dangerous in the future. Observers have their eyes on these shifts, as these could result in changes in prices, or possibly aggressive selling in the next few weeks.
BTCs Potential for Breakout
Even with these kind of uncertainties, there are still indications that the price of BTC is ready to breakout. The crypto analyst Rekt Capital pointed out on X that the BTC price has been forming lower highs while the candles produce longer lower wicks. This means that BTC may try to build up its liquidity at lower prices without over-coming the descending trend-line. Therefore, in the near future, BTC can still grow as long as the price stays above the important $96,400 mark.
Bitcoins market is stagnant right now as large investors along with whales just keeping an eye on the trend and waiting for the next bullish signal or signs of reversal. The price of the cryptocurrency will be guided by a particular trend: whether it can sustain prices at key support levels or be subject to heavy selling pressure.
Read more: https://www.tronweekly.com/bitcoins-price-struggle-will-whales-drive-the/
Text source: TronWeekly
