Bitcoin price continues to chop around $19,000 as the assert failed to attract liquidity from the strong hands over the weekend. The asset held firm above the crucial support levels at $18,400, indicating some strength remaining within the bulls. Although the bulls may make it in the coming days, the whales appear to have diverted their focus from the BTC price as a result of an extended consolidation & diminished volatility.
The BTC price is currently trading around $18,700, experiencing significant upward pressure from the bears. Mainly the extended consolidation below $25,000 for more than 3 months could have compelled them to shed their holdings. As per the data from Santiment, the whales have been letting out their holding for the past 11 months.
The addresses holding 100 to 10K BTC have dropped accumulating dragging the percentage to a 29-month low. These addresses presently hold nearly 45.72% of the supply which is the lowest since April 2020. Therefore, Bitcoin’s key whale addresses holding their lowest amount signifies the prevailing fear due to the raising inflation or recession, etc.
Technicals suggest the price to remain flat for a longer time as the bulls & bears continue to fight for their dominance. Moreover, the MACD line & signal line have crossed each other multiple times, yet failed to flash a firm buy or sell signal. Until & unless the market conditions do not improve, the Bitcoin (BTC) price may remain consolidated within narrow ranges, below $20,000.
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Source: https://coinpedia.org/bitcoin/will-the-uncertainty-around-bitcoin-whales-compell-the-btc-price-to-drop-below-15000/