A popular analyst is urging crypto traders to proceed with caution amid a shift in the behavior of Bitcoin (BTC) whales.
Using data from crypto analytics firm Santiment, Ali Martinez tells his 48,700 followers on the social media platform
“Over the past three days, they have sold over 80,000 BTC, which amounts to approximately $4.8 billion.
Investors and traders are advised to proceed with caution!”
Martinez too notes that Bitcoin’s sequential indicator, Tom DeMark (TD), showed a sell signal on the four-hour chart. The TD Sequential indicator is typically used to identify trend direction and potential price reversals.
explains Martínez,
“Since February 15, every sell signal from this indicator has been perfect, leading to BTC price corrections between 1.50% and 4.20%. This is a pattern worth noting for traders watching short-term moves!”
The analyst made the announcement later in the day on Thursday notes that the indicator was back on track, with Bitcoin falling from a high of around $63,400 in the early morning hours to a daily low of $60,585, before rising back to $61,235 at the time of writing.
The highest-ranked crypto asset by market capitalization is up nearly 19% in the past seven days and more than 38% since the start of the year.
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Generated image: Midjourney