Bitcoin Market Update: Bullish Sentiment Amidst Potential Downturn And Whale Activity

Bitcoin traders on Binance are showing a slight bullish inclination, with 51.79% currently holding long positions on $BTC. However, caution is in the air as a recent observation on Bitcoin’s two-month chart by analyst Ali Martinez highlights a potential trend reversal.

The Stochastic RSI has shifted from bullish to bearish, a signal that has historically preceded significant corrections—around 75.50%—over the past decade.

This indicator is raising concerns among traders who are wary of a potential downturn.

Adding to the market tension, a wallet reportedly linked to Terraform Labs and its co-founder Do Kwon has moved $62 million worth of Bitcoin to a new address, according to data from Arkham Intelligence. This transfer occurs as Kwon faces ongoing legal challenges, including efforts to extradite him from Montenegro.

In another notable transaction, a smart whale has demonstrated its skill in timing the market.

The whale, who has accumulated a $62 million profit, recently withdrew 1,100 BTC ($64.2 million) from Binance. Known for buying Bitcoin during lows and selling at highs, this whale accumulated 2,947 BTC during the pre-pump period between November 2023 and January 2024 at an average price of $44,300.

They then strategically sold 315 BTC during local highs in March and August, averaging $60,384 per coin. Currently, the whale holds 3,823 BTC valued at $227 million, with an estimated total profit of $61.8 million, reflecting a 34% gain.

Bitcoin ETFs Reported Net Outflow Of 795 BTC 

On the institutional front, Bitcoin ETFs reported a net outflow of 795 BTC, equivalent to $46.53 million. Grayscale (GBTC) saw outflows of 392 BTC ($22.96 million), with its holdings now at 226,862 BTC, valued at $13.29 billion.

As the market navigates these mixed signals, traders and investors are advised to stay vigilant and consider the potential implications of these developments.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/bitcoin-market-update-bullish-sentiment-amidst-potential-downturn-and-whale-activity/