Bitcoin is currently hanging on by a thread, just above a key support level. Any small dip could trigger a huge wave of selling, sending the price crashing down.
Big Money Moving:
Data from Santiment, a company that tracks Bitcoin activity, shows that over 30,000 Bitcoins, worth around $1.83 billion, have been moved to crypto exchanges in just a few days. This is a huge amount of money, and it’s not a good sign for Bitcoin’s future.
Whales Selling:
The data shows that Bitcoin “whales,” those who own a lot of Bitcoin, have been selling or moving their coins around. This suggests they might be preparing to sell their Bitcoin, which could cause a price drop.
Exchange Inflow:
Another company, IntoTheBlock, tracks how much Bitcoin is being moved to exchanges. They found that on October 8th alone, over 18,000 Bitcoins were moved to exchanges. This trend continued over the next few days, with more Bitcoin being moved to exchanges.
Signs of Hope:
While all this might sound scary, there are some positive signs. The selling pressure is mainly coming from short-term holders, those who bought Bitcoin recently. Long-term holders, those who have held Bitcoin for a long time, are actually buying more Bitcoin during this dip. This could help stabilize the market, as long-term holders are less likely to sell.
Slowing Down:
The amount of Bitcoin being moved to exchanges is also decreasing. This suggests that the selling wave might be slowing down.
Exchange Reserves:
Data from CryptoQuant shows that the amount of Bitcoin held by exchanges is decreasing. This means there’s less Bitcoin available for sale, which could help reduce selling pressure.
Bitcoin’s Current Situation:
Bitcoin is currently trading around $60,854, and it seems to have found a floor around $60,000. However, the future is still uncertain.
