As the market fell further, Bitcoin whales racked up more positions
- Indicator data
- Market take-over
The 20% correction in the cryptocurrency market left the majority of the crypto market with significant losses, but while some small traders mourned their financial losses, others took the opportunity to buy some. Bitcoin and other assets with the discount, according to Health.
The rally above $ 50,000 was an unexpected move by the majority of holders, according to social sentiment indicators such as the Fear and Greed Index, but large traders and investors have managed to provide enough power to invest. ‘buy to place Bitcoin above the strong support zone.
According to the indicator, the big coin dump took place over the weekend as the market liquidation had just started and the new period of local accumulation emerged once the price fell below 45. $ 000, which caused a rapid recovery to $ 49,000.
?? #Bitcoin came back to $ 50.1,000 on Monday, and the whale traders played the plunge to perfection. Starting during dump at $ 43.5,000, addresses containing 100-10,000 $ BTC have accumulated 67k more $ BTC after dumping the same amount before the price drop. https://t.co/TcTSKBy2v7 pic.twitter.com/JxZL7nGVwR
– Santiment (@santimentfeed) December 6, 2021
Another point of profit taking was noticed between late October and early November, when the price of Bitcoin was trading within the range and experienced many failed rallies.
After the distribution period ended in early November, traders gave up their holdings again, with Bitcoin losing around 15% of its value in less than two weeks. The sale then escalated after retail whales abandoned around 100,000 pieces before the weekend.
The market faced a rally after holdings in portfolios with 100 to 10,000 BTC bought back their holdings, bringing them almost completely back to pre-dumping levels.
In addition to whales changing their minds on Bitcoin’s future moves, sentiment and market indicators suggest that Bitcoin is trading in the “oversold” area, indicating that assets need to cool before making any larger moves. important.