CandleFocus Bitcoin Tumbles Further from $100,000 as Whales Cut Exposure
2024-12-23
Author: Content Editor
Bitcoin (BTC) has seen a 7% decline in the past week, primarily due to a reduction in buying activity from large investors known as "whales." According to IntoTheBlock, Bitcoin's large holders' netflow has dropped by 116% in the past seven days, indicating that these investors are selling their holdings. The decline in the coin's daily large transaction count further confirms the reduction in whale activity. This decrease in whale activity can weaken price support and increase the chances of further price declines. BTC's price is currently hovering above support at $95,690, but if whale activity continues to wane, it may drop below $90,000. Conversely, if market sentiment changes and Bitcoin whales start accumulating coins again, it could trigger a rally towards the coin's all-time high of $108,388.
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