- Bitcoin whales cash in $ 800 million, indicating a possible shift in market sentiment.
- The most important support levels and falling indicators indicate possible Bitcoin prize correction.
Bitcoin -Walvissen recently invented nearly $ 800 million profit, which marks a substantial shift in market activity.
At the time of the press, Bitcoin [BTC] was traded at $ 96,153.51, which reflected a decrease of 2.07% in the last 24 hours.
This considerable profit realization coincides with a noticeable price increase, which leads to speculation about market sentiment.
The increase in taking profit by holders in the long term raises important questions about the possibility of a priceback or the start of a new market phase.
BTC in/out of money: are most holders of profit?
Bitcoin’s in/from the money analysis shows that 82% of Bitcoin addresses are currently profitable, with the average price for these holders at $ 51,086.23. This large percentage of profitable holders indicates widespread optimism in Bitcoin investors.
However, there is still 7.85% of the addresses from the money, which means that some of the holders can experience losses if the price continues to fall.
As more addresses become profitable, the chance of increased sales pressure grows, which makes it possible to influence the total price trend.
Source: Intotheblock
Total exchange Netflows: do traders prepare for more volatility?
Bitcoin has experienced a 24-hour Netflow-gain of +2.31K BTC, indicating that more Bitcoin is introducing exchanges, possibly pending sales activities.
In the past thirty days, Netflows have risen with +136.53k BTC, which indicates considerable liquidity on the market. This inflow can suggest that traders are preparing for possible volatility.
However, it can also indicate a bullish prospect if prices break through the most important resistance levels.
Source: Intotheblock
Testing important support and resistance levels
The Bitcoin graph reveals that BTC consolidates within a key price. Support is found at $ 92,450.82, while resistance levels are seen at $ 101,441.81 and $ 109.260.07. These price zones are crucial for determining the next step of Bitcoin.
If Bitcoin can break these resistance levels, this can continue its Bullish Momentum.
However, failure to exceed these key levels can lead to a consolidation phase or a potential price correction.
Source: TradingView
Stock-to-flow ratio and NVT Golden Cross: Bearish indicators?
Bitcoin’s stock-flow ratio was 1,2686 m, which reflects a 20% decrease in the last 24 hours, according to Cryptoquant. This decline suggests a reduction in the scarcity of BTC, which can influence the long -term value.
Similarly, the Golden Cross has taken by 29.22% for Golden Cross, which may indicate a market top or an approaching correction.
These factors indicate that Bitcoin can be under pressure in the short term, because the decreasing scarcity and the decreasing transaction volume suggest a delay in demand.
Source: Cryptuquant
Conclusion: what is the next step for BTC?
Bitcoin’s market activity shows mixed signals, whereby whales cash in. In/out of the money figures indicate potential sales pressure. Important technical indicators indicate both bullish and bearish possibilities.
The analysis suggests that Bitcoin can be confronted with challenges when breaking the resistance levels, while reduced scarcity and decreasing NVT figures are concerned about the sustainability of the price.
That is why a pullback in the price of Bitcoin probably seems quickly as soon as the market dynamic shift.
