- Despite efforts by whales, selling sentiment remained dominant in the broader market.
- Market indicators remained bearish on Bitcoin.
Bitcoin [BTC] Investors failed to enjoy gains in recent weeks as the king coin fell below $43,000. Furthermore, BTC’s growth momentum has declined in the recent past.
Whales took this opportunity to stock more BTC. But will their actions be enough for BTC to regain its former glory?
Bitcoin is slowing down
According to CoinMarketCapBTC has fallen marginally over the past 24 hours. At the time of writing, the king of cryptos was trading at $42,800.38 with a market cap of over $839 billion.
Thanks to the sluggish price movement, market sentiment around the coin also turned bearish. AMBCrypto’s look at CryptoQuant’s data showed that both BTC’s Coinbase premium and Korea premium were in the red.
This meant that selling sentiment was dominant among US and Korean investors at the time of writing.
Source: CryptoQuant
Crypto Tony, a popular crypto analyst, also pointed out in a tweet that even though BTC was in a positive trend, its price was slowing down.
$BTC / $USD – Update #Bitcoin remains in a positive trend but is currently slowing down. Only good for that #Altcoins as they thrive when BTC becomes boring pic.twitter.com/ZxUepAxHL8
— Crypto Tony (@CryptoTony__) February 3, 2024
While BTC falling below $43,000 seems like a cause for concern, whales continued to collect more coins. On February 3, Santiment tweeted out such an episode.
#Bitcoin ranges between $41,000 and $44,000, but whale portfolios are up big this week:
Quantity 1K-10K $BTC Portfolios: 1,958 as of February 1 (most since November 2022)
Quantity 100-1K $BTC Portfolios: 13,735 as of February 1 (at least since November 2022)https://t.co/MTOnjURnfV pic.twitter.com/QrxW8CH5c2
— Santiment (@santimentfeed) February 3, 2024
According to the tweet, the number of wallets with balances is between 1,000 and 10,000 BTC is up 2.5% over the past six days, the most since November 2022.
As that happened, wallets with balances between 100 and 1,000 BTC fell by more than 1%, which was the least since November 2022.
This suggested that the major players in the crypto space had confidence in BTC and hoped for a speedy recovery.
Bitcoin will change course?
It was interesting to note that while whales were collecting BTC, miners were losing the coin.
AMBCrypto previously reported that the rapid sell-off of Bitcoin by miners has resulted in a notable reduction in reserves.
To see if the buying pressure from whales would be enough BTC To change its price, we checked the daily chart.
Read Bitcoins [BTC] Price prediction 2024-25
Our analysis showed that both Bitcoin’s Relative Strength Index (RSI) and Money Flow Index (MFI) moved sideways.
This indicated that the ongoing dormant price action could last longer and investors would have to wait longer to see BTC reach new highs.
Source: TradingView