- Bitcoin’s bearish trend persisted with a 3.69% decline in the past month.
- Bitcoin’s trading volume decreased by 15.25%
- Only 2.25 million $BTC in known exchange wallets, the lowest since Jan 2018.
Bitcoin, the largest cryptocurrency by market cap, is currently facing bearish momentum with a 3.69% decline. Despite hitting an all-time high of this year’s $31,474 in early July, it struggled to maintain its position amid high market volatility. Within two weeks, the price fell to $29,030.
Crypto Commonly known as Digital Gold is struggling to initiate a bull run in the highly competitive market. The trading volume has also decreased by 15.25%, with the current price standing at $11,139,027,043. Additionally, only 2.25 million $BTC are held in known crypto exchange wallets, marking the lowest Bitcoin supply on trading platforms since January 2018.
Will Bitcoin(BTC) Bearish Trend Persist?
The price movement of Bitcoin over the last two weeks has showcased its bullish stance despite fluctuations. However, the daily price chart indicates that the current price action has dropped below the short-term 50-day exponential moving average (50 EMA), signaling an attempt to enter a bearish state. The moving average currently stands at $29,193.
BTC Price Chart, Source: TradingView
Taking the daily RSI into account, it is evident that BTC has fallen below the neutral zone (at 43). Additionally, Bitcoin’s BTC Exchange Net Flow (1d MA) has just reached a 3-month high of $9,444,052.17. It surpassed the previous 3-month high of $7,898,978.85 observed on 01 June 2023.
At the time of writing, CoinMarketCap reports that the market price of BTC shows a 24-hour gain of $29,167 but with a decline of 1.24%.
Bitcoin Whale Movements
Bitcoin whales are experiencing a notable resurgence, resembling the period before the exponential run of 2020 – 2021. Despite a significant sell-off at the end of 2022 and stagnation in the 2022-2023 cycle low, the current situation indicates whale accumulation exceeding 4.5 million BTC. Moreover, sources reveal that Bitcoin whales are now selling holdings at the fastest pace in history, approximately 148K BTC/month.
Analyzing the recent notable Bitcoin whale movement, According to whale alert reports, a substantial number of whales have been activated, transferring 2459 Bitcoin on Thursday with a transaction fee of 0.00002938 BTC, worth 0.86 USD.
Overall, the analysis suggests that Bitcoin is currently experiencing a bearish phase, but various factors, including whale movements, can have a significant impact on its future price trajectory.
What do you think will hit first? BTC to $25K or $35K?
