It may be that there is light at the end of the tunnel for the price of Bitcoin, and sales of the cryptocurrency have begun to fall. It still appears that the great rulers were the main force behind the fall in prices, which could explain why it took so long for the price to fall. However, as some great investors begin to catch up on their sales, the price of Bitcoin may rise again.
Bitcoin Whales are trying to sell old BTC
According to the report published by Santiment, the reason for the decline in the price of Bitcoin over the past year can be explained by the great rulers of Bitcoin. These owners, who have a large supply of old coins, which means coins that have not collapsed for three hours, began to move their coins after the price of BTC rose through the circulation of the Spot ETF.
When these coins began to collapse, the price of an asset that could be tied to this collapse began to plummet. When these whales took these coins from their coins, the value of their BTC assets decreased, which indicates that they were selling these old coins.
In mid-century, its holdings went from approximately 640 days to approximately 624 days after the Spot ETF SEC collapse. The hedge tracker is slowing down, which is a sign that the market is growing again.
However, after nearly ten years of these activities, these whales seem to have reached the point where they no longer collapse coins. “There are weak signs that the continuation of the collapse of old coins will be completed,” said Santiment.
Now, although Santiment interprets this as a sign that the scourge cycle may be ending, it is also certain that the whales have piled up their coins, hoping to check for a new price. At this point, the selling pressure will change, allowing Bitcoin to renew its position.
BTC bettors fight to reach $43,000 opir | Dzherelo: BTCUSD on Tradingview.com
BTC fights for support at 43,000 dollars
The price of Bitcoin is now struggling with support, which is growing at around 43,000 dollars. After the collapse of last year, the beaks continued to rise, and fragments of the witches chose this rhubarb to spread their plans. There is also a pressure on sales due to localization at this stage, which will become an important factor that needs to be raised.
If Bitcoin can reach the threshold of 43,000 dollars, this could signal a reversal in the rally. At this point, 45,000 dollars becomes the next great support, as investors turn around. However, failure to spend 43,000 dollars on support can lead to a further reduction in the price.