Bitcoin Cash

Cryptocurrency

Bitcoin

Elon Musk

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 <p class="paragraph">Bitcoin (BTC) seems to have carved a local top in the $44,000 price zone, while on-chain whale activity hints at distribution.</p>
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 <p class="paragraph">Notably, a <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a>-alert Telegram bot has been constantly triggered for massive Bitcoin inflows in centralized exchanges. <em>Onchain Edge</em> first reported these alerts on <em>CryptoQuant</em> on December 22, suggesting a local BTC top.</p>
 <p class="paragraph">In particular, three <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> alerts on December 11, 20, and 22 show the Bitcoin mean inflow on all exchanges surging above 15 BTC. Each registered mean was 26.96 BTC, 15.56 BTC, and 18.15 BTC, respectively.</p>
 <figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="706" height="760" src="https://cdn.thebittimes.com/images/2023/12/23/cbfa0adca9ac7b099080c48cd8cf90fa.webp" alt class="wp-image-144968" srcset="https://cdn.thebittimes.com/images/2023/12/23/cbfa0adca9ac7b099080c48cd8cf90fa.webp 706w, https://cdn.thebittimes.com/images/2023/12/23/cbfa0adca9ac7b099080c48cd8cf90fa.webp 279w" sizes="(max-width: 706px) 100vw, 706px">
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   All-exchange BTC inflow means – Whale alerts on Telegram. Source: <em>Onchain Edge</em>
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 <p class="paragraph">On another chart, <em>Onchain Edge</em> illustrates how each Bitcoin exchange inflow (mean) surge happened right after a price pump. Interestingly, a local top formation follows these in the aforementioned $44,000 zone.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="497" src="https://cdn.thebittimes.com/images/2023/12/23/4b178a1a3154e2f8ecd897ca5540b0c4.webp" alt class="wp-image-144969" srcset="https://cdn.thebittimes.com/images/2023/12/23/4b178a1a3154e2f8ecd897ca5540b0c4.webp 1024w, https://cdn.thebittimes.com/images/2023/12/23/4b178a1a3154e2f8ecd897ca5540b0c4.webp 300w, https://cdn.thebittimes.com/images/2023/12/23/4b178a1a3154e2f8ecd897ca5540b0c4.webp 768w, https://cdn.thebittimes.com/images/2023/12/23/4b178a1a3154e2f8ecd897ca5540b0c4.webp 1280w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   All-exchange BTC inflow (mean) chart vs. Bitcoin’s price. Source: <em>Onchain Edge</em>
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 </figure>
 <h2 class="wp-block-heading" id="h-bitcoin-btc-price-analysis-amid-whale-alerts">Bitcoin (BTC) price analysis amid whale alerts</h2>
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 <p class="paragraph">Meanwhile, Bitcoin is trading at $43.721 by press time on December 23, back in a solid price range. BTC entered this range on December 5 for the first time since April 2022, despite losing it back on December 11.</p>
 <p class="paragraph">Coincidently, the range was lost within the first reported whale alert of a mean inflow of 26.98 BTC in all exchanges. Nevertheless, Bitcoin retested the range support at around $42,800 a few times before successfully re-entering it on December 20 – the second whale alert.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="661" src="https://cdn.thebittimes.com/images/2023/12/23/a101d707a3f471a91fd0709d3c587fe0.webp" alt class="wp-image-144970" srcset="https://cdn.thebittimes.com/images/2023/12/23/a101d707a3f471a91fd0709d3c587fe0.webp 1024w, https://cdn.thebittimes.com/images/2023/12/23/a101d707a3f471a91fd0709d3c587fe0.webp 300w, https://cdn.thebittimes.com/images/2023/12/23/a101d707a3f471a91fd0709d3c587fe0.webp 768w, https://cdn.thebittimes.com/images/2023/12/23/a101d707a3f471a91fd0709d3c587fe0.webp 1536w, https://cdn.thebittimes.com/images/2023/12/23/a101d707a3f471a91fd0709d3c587fe0.webp 1876w" sizes="(max-width: 1024px) 100vw, 1024px">
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   BTC/USD 4-hour price chart. Source: <em>TradingView</em>
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 <p class="paragraph">All things considered, the leading cryptocurrency faces a decisive moment after this third whale alert. The mean inflow of 18.15 BTC in all exchanges could settle another relevant price action within this range, which is currently topped at $44,729.</p>
 <p class="paragraph">However, further developments will decide whether it will be a bullish or bearish trend. It is important to note that Bitcoin is currently showing strong momentum on the Relative Strength Index (RSI). Suggesting that BTC could rise even with <a rel="noopener noreferrer nofollow" title="whales" href="https://thebittimes.com/tag/whales.html">whales</a> <a rel="noopener noreferrer nofollow" title="taking" href="https://thebittimes.com/tag/taking.html">taking</a> <a rel="noopener noreferrer nofollow" title="profits" href="https://thebittimes.com/tag/profits.html">profits</a> and distributing on the coming demand.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/alert-bitcoin-on-chain-data-hints-whales-are-taking-profits-tbt74610.html">https://thebittimes.com/alert-bitcoin-on-chain-data-hints-whales-are-taking-profits-tbt74610.html</a></p>

Alert: Bitcoin on-chain data hints ‘whales are taking profits’

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