Monday, December 5, 2022
HomeCrypto NewsMarketWhale Selling May Make It Difficult For Bitcoin To Hold Above $20k

Whale Selling May Make It Difficult For Bitcoin To Hold Above $20k

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Whale selling appears to push Bitcoin’s price down following a price surge yesterday.


In a CryptoQuant Quicktake shared today, CryptoQuant analyst Achraf Elghemri discloses that the high flow of whales to the market after a rise in the price of Bitcoin has often coincided with Bitcoin price drops.

Notably, Crypto Vinco, in a tweet yesterday, asserts that whales are selling again. According to Vinco, citing Glassnode data, in the past week, holders of Bitcoin for over one year sold over 50k BTC, holders for over two years sold 40k BTC, and holders for over three years sold 30k BTC.

It bears mentioning that yesterday, Bitcoin surged to reclaim the $20k price point after trading below for over two weeks. The asset’s price surged as high as the $20,400 price point but now appears to be retracing, which may indicate whale selling.

Despite the recent retracement, il Chapo Crypto, who predicted the latest price rally, still believes that the asset will make it to $21k in this latest upswing, asserting that the retracement is good. However, the analyst has also cautioned traders and investors not to get too bullish after Bitcoin clinches the price target or surpasses the price. Notably, il Chapo Crypto expects the price to find resistance at that level, which will cause it to trade lower and eventually bottom out at the $14k price point sometime in November.

Notably, this aligns with a recent analysis by CryptoQuant analyst Onchain Edge, who concedes that there is some potential for Bitcoin to plummet to the $15k price point in November. This is close to the delta price of about $14,478. The Delta price is where Bitcoin bottomed out in the 2015 and 2018 bear cycles.

Meanwhile, veteran analyst Peter Brandt places the price bottom at $13k.

Crypto analyst Michaƫl van de Poppe has attributed the latest rally to falling yields and signs of weakness in the US dollar index (DXY). The Eight founder asserts it is time for significant relief across the crypto markets.

Coinglass data shows that crypto liquidations have surpassed $820 million in the last 24 hours as traders are being taken out of their short positions by the recent pump.

Bitcoin is trading at the $20,289.08 price point, up 5.23% in the last 24 hours.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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