Bitcoin’s recent rally has pushed its market value past $66,000, igniting excitement among traders. However, while Bitcoin is grabbing headlines, it’s actually the altcoins that are seeing the biggest gains this week.
A major factor behind this is the redistribution of profits from Bitcoin’s steady rise over the past three weeks.
As the market sentiment shifts into a high FOMO (fear of missing out) zone, traders should brace themselves for potential turbulence. These levels often signal the approach of local tops, which could materialize within days, over the weekend, or in the coming weeks—largely depending on how whale investors react at these key price points.
One thing is clear: a drop back to $50K or $60K seems unlikely without significant economic downturns across global markets.
🥳 Bitcoin's latest rise, now bringing its market value above $66K, has traders pumped. Although altcoins are the ones reflecting the biggest pumps this week, profit redistributions from BTC's past 3 weeks of rises are the primary reason.
Expect some testing of bulls' patience… pic.twitter.com/7U4tqzLRw1
— Santiment (@santimentfeed) September 27, 2024
September 2024 Bitcoin Analysis: Whale Activity and Market Impact
1. BTC Price Movements: Starting at $56,360 on September 2, 2024, Bitcoin’s price surged steadily, reaching $63,770 by September 23, 2024.
2. Whale Netflow Ratio: Between September 9 and September 23, the netflow ratio jumped from 0.01% to 0.69%, indicating an influx of Bitcoin from whales into exchanges. Typically, this is a bearish signal, as large holders may be gearing up to sell, which could put downward pressure on the market.
Implications for the Market
Analysis of the impact of large holders’ netflow and exchange netflow ratio on the price of Bitcoin ($BTC) in September 2024:
1.BTC Price Movement:
The price of Bitcoin started at $56,360 on September 2, 2024, and steadily rose to $63,770 by September 23, 2024.
2.Whale Netflow… pic.twitter.com/Ia0jqdkOV6
— IT Tech (@IT_Tech_PL) September 26, 2024
This rise in whale activity suggests a potential price correction as these large holders seem poised to cash in after Bitcoin’s recent highs. While Bitcoin’s price has been climbing, this increasing whale netflow should serve as a cautionary signal for possible sell-offs ahead.
Notably, BlackRock has added 1,434 BTC ($94.3 million), boosting its total holdings to 363,626 BTC ($23.68 billion), while Bitcoin spot ETFs saw significant inflows, continuing their positive streak.
BlackRock bought another 1,434 $BTC($94.3M)!#BlackRock(IBIT) has added 5,894 $BTC ($387.68M) to its holdings in the past 3 days and now holds a total of 363,626 $BTC ($23.68B).https://t.co/7urmq00ngX pic.twitter.com/6c8BW7gHVE
— Lookonchain (@lookonchain) September 27, 2024
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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