Bitcoin continued with its bearishness, recording a plunge below $90,000 yesterday. However, there's hope for a turnaround as this means...
began the year with promising momentum, hitting a high of $102,000 on 07 January. However, this initial rally was short-lived as the cryptocurrency soon saw major corrections, falling below $100k soon after.
At the time of writing, Bitcoin was priced at $96,556, following a partial recovery from a dip to $89,000 earlier in the week. The price drop below $90,000 highlighted concerns among market participants, with some analysts delving into the underlying factorsthe pattern of “stop hunting,” where price declines temporarily break key support levels before rebounding.
The analyst emphasized the importance of activity on major exchanges, particularly Binance, where whale participation often leaves traces in market-buy ratios. In this instance, no evidence of substantial buying by Binance whales emerged, suggesting a cautious approach by large-scale investors. While the daily candle pattern indicated potential for a trend reversal, the lack of engagement from major players raises uncertainty about Bitcoin’s near-term trajectory.Beyond whale activity, other Bitcoin metrics shared additional insights into the asset’s performance.
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