Bitcoin traders are facing challenges as they strive to push the price back up to $100,000 amidst ongoing inflation concerns. The market has been experiencing some turbulence, with increased activity in the spot market despite consolidation. Large Bitcoin holders have been moving their assets, adding pressure to sell and causing some panic among traders.
Recent data shows that Bitcoin’s price has been fluctuating within a specific range over the past 24 hours, with total liquidations amounting to $19.2 million. This includes both buyers and sellers closing their positions, indicating a high level of volatility in the market. Additionally, there has been a surge in large transactions, with major holders moving their assets to exchanges, potentially signaling a heavy selloff in the near future.
On-chain data reveals a significant increase in the exchange whale ratio, suggesting that whales are transferring their assets to exchanges in preparation for selling. This trend, coupled with growing bearish sentiment in the market, points to a possible downward pressure on Bitcoin’s price. Institutional holders are now dominating the market, moving their assets to cut losses.
As Bitcoin struggles to break past $98,000, buyers are aiming for a surge above the descending trend line. The current price stands at $97,301, with a modest increase of 1.5% in the last 24 hours. The resistance level at $98,000 is proving to be a challenge for buyers, with sellers actively resisting any upward movement. If Bitcoin can maintain a position above this level, there may be an opportunity for a push towards $100,000.
However, if Bitcoin continues to trade below the EMA20 trend line on the 1-hour chart, it could face significant selling pressure, potentially pushing the price below $94,000 and retesting the $91,000 mark. Traders need to closely monitor the market dynamics and be prepared for potential price fluctuations in the coming days.
In conclusion, the current market conditions are uncertain, with whales possibly preparing for a heavy selloff. Traders should exercise caution and stay informed about the latest trends and developments in the cryptocurrency market to make well-informed decisions. Stay ahead with breaking news, expert analysis, and real-time updates on Bitcoin, altcoins, DeFi, NFTs, and more to navigate the volatile market effectively.