Bitcoin exchange depositing addresses have dropped to their lowest point since 2016, suggesting a significant decrease in the number of investors selling their coins on spot exchanges.
This trend hints at a potential reduction in selling pressure, a bullish sign for long-term holders as fewer coins are being offloaded into the market.
#Bitcoin Base Cost Analysis: Whales vs. New Investors
“New whales and Binance traders are actively buying, while old whales continue to hold. This mix could signal market stability and potential price growth.” – By @IT_Tech_PL
Link 👇https://t.co/thpqa7G5YK pic.twitter.com/Ro9RqghleU
— CryptoQuant.com (@cryptoquant_com) September 16, 2024
In terms of investor behavior, new whales and Binance traders are actively accumulating Bitcoin, while older whales continue to hold their positions. This combination of new buying activity and long-term holders staying firm could indicate market stability and potentially set the stage for future price growth.
On the technical side, Bitcoin is currently moving within a parallel channel on the hourly chart. If the lower boundary holds, there’s a strong chance for $BTC to rebound to mid-range levels around $60,200 or even $62,000. However, if the $58,100 support level breaks, Bitcoin could face a decline toward the $55,000 mark, highlighting the importance of this critical support zone.
On the hourly chart, #Bitcoin is moving within a parallel channel. If the lower boundary holds, $BTC could rebound to the mid or upper levels at $60,200 or $62,000. However, a break below the $58,100 support may lead to a drop towards $55,000. pic.twitter.com/5JbnrGRjYE
— Ali (@ali_charts) September 16, 2024
Bitcoin Bearish Sentiment Continues
Looking at a broader time frame, the Bitcoin MVRV (Market Value to Realized Value) Momentum indicates that Bitcoin has been in a downtrend since it fell below $66,750 in June. Despite recent movements, this bearish trend has yet to reverse.
Zooming out, the #Bitcoin MVRV Momentum shows that $BTC has been in a downtrend since breaking below $66,750 in June, and the trend hasn't shifted yet! pic.twitter.com/5P1wi1reQp
— Ali (@ali_charts) September 16, 2024
On-chain data reveals that a whale recently sold 500 BTC, valued at $30.07 million, just 12 hours before Bitcoin’s price dropped. This whale, known for making large swing trades, has a mixed track record—profiting from the first trade but incurring losses on the subsequent two. Despite holding 259.6 BTC ($15.15 million), the whale’s total loss exceeds $6 million.
A whale sold 500 $BTC($30.07M) 12 hours ago before the $BTC price dropped.
This whale has made 3 swing trades on $BTC, but only made money the first time, the next two trades were losses.
He still holds 259.6 $BTC($15.15M), with a total loss of more than $6M!
Address:… pic.twitter.com/w4Rkqbvg5g
— Lookonchain (@lookonchain) September 16, 2024
As Bitcoin continues to navigate these critical support and resistance levels, all eyes will be on whether it can regain upward momentum or face further downside.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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