Bitcoin could be in for a positive price action considering the position of whales in light of an upcoming death cross formation. The fact that whales were not exiting their positions could be taken as a strength for BTC.
in the market and its growing demand. This is arguably a healthy sign for Bitcoin’s long-term outlook. But does it mean that the worst is over?Past events that have triggered a market crash often catch the market by surprise. We might thus not know when a black swan event is bound to occur. Nevertheless, there are instances where the market offers some degree of predictability.
Bitcoin, at the time of writing, was close to forming a death cross. This could trigger a resurgence ofsell pressure. The cryptocurrency has been struggling to secure momentum to exit its current level. The death cross pattern could usher in capitulation and possibly lead to price slippage below the $25,000 price level. The extent of the outcome will depend on the amount ofPerhaps an assessment of whale activity would offer more insights into what to expect. Whales often have foresight over market events and hence, make moves before the rest of the market catches up. In the last four weeks, considerable outflows were observed from whale addresses holding over 1,000 BTC.
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