Despite a surge in Bitcoin's price, breaching the $60,000 barrier and prompting significant profits for whales, concerns remain about its ability to sustain the positive trend. Data reveals that large holders have sold over 30,000 BTC in recent days, but indicators like the RSI and MVRV ratio suggest continued bullish sentiment.
Bitcoin whales have started taking profit as price sees uptrends. Will BTC be able to maintain a positive trend with the current profit-taking?has recently lifted the mood of the crypto market, breaking through the $60,000 price barrier and moving closer to another key resistance level. This surge has enabled some whales to secure significant profits and liquidated numerous short positions.daily chart shows that it broke its short-term resistance on 17th September.
Despite this significant sell-off, Bitcoin remains bullish, as evidenced by its Relative Strength Index , which has stayed above 60.holders have moved into profit due to the recent price appreciation. Analysis of the 30-day Market Value to Realized Value ratio from Santiment showed it crossed above zero on 17th September and is currently nearing 5%.
This means that holders within this timeframe are averaging nearly a 5% profit, aligning with the profits realized by whales in recent days.Additionally, the BTC funding rate has remained positive over the past few weeks, indicating that more buyers are entering the market compared to sellers—a positive sign for Bitcoin.Adewale is a full-time journalist at AMBCrypto.
Bitcoin Whales Profit Taking Price Trend Cryptocurrency Market
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