Bitcoin

Amidst the overall negative sentiment across the cryptocurrency market, it appears that crypto whales are taking advantage of this situation. Recently, a prominent trader and crypto analyst, Ali, made a post on X (formerly Twitter), indicating that 46 new entities now own 1,000 BTC or more, reflecting a 3% increase in just two weeks.&nbsp;
Even amidst this market correction, Crypto whales are accumulating BTC in negative market&nbsp; 
This data highlights that crypto whales are significantly accumulating Bitcoin during this ongoing market correction. However, in a longer time frame, Bitcoin is bearish and showing negative movement. Nevertheless, when examining the chart of Bitcoin and crypto whales, it is observed that as the price of Bitcoin is decreasing, the number of crypto whales is increasing.
This action on the chart clarifies that whales are in the mood to accumulate Bitcoin as its price is falling. Data fromBitinfochart also reveals that, currently, 1,902 wallet addresses hold a significant amount of Bitcoin in a range between 1,000 to 10,000, and this number is continuously increasing. Meanwhile, 107 wallet addresses hold Bitcoin in a range between 10,000 to 100,000. A bearish golden crossover in Bitcoin 
According to expert technical analysis, the Bitcoin chart on shorter and even longer time frames shows bearish views. Let’s examine a short time frame:&nbsp;
Also Read: <a href="https://news.todayq.com/bitcoin-weekly-close-below-38k-can-drag-it-to-32-5k-level-heres-how/" rel="noopener noreferrer nofollow">Bitcoin weekly close below 38K can drag it to $32.5K level, Here’s How?</a>
In a 4-hour time frame, Bitcoin, after being rejected from the $48,000 level following the approval of a spot Bitcoin ETF, is continuously forming lower highs and lower lows, visible on the chart. This time, Bitcoin establishes a new lower high at the $40,200 level. Following this new lower high, the upcoming lower low, which we may witness, will likely be around the $38,000 level. Despite this price action phenomenon, the technical indicator on the 4-hour time frame also gives a negative sign for Bitcoin. As of today, it confirms a bearish golden crossover. Source: TradingView 
On a daily time frame, after a breakdown with a strong bearish candle, the BTC price went to retest its breakdown level and is now again showing bearish momentum. Currently, BTC is trading below its major support zone and its 50 Exponential Moving Average (EMA). The next support for Bitcoin is at the $38,000 level. However, considering the current bearish sentiment and price action phenomenon, in the upcoming days, we may see the Bitcoin price drop to the $35,500 level, where its 200 EMA is present. Source: TradingView 
As of now,Bitcoin price is there at $39,800 level, and in the last 24 hours, it experienced a slight 0.4% downside momentum. If we look at Bitcoin over a longer period, in the last 7 days, it experienced over 6% downside momentum as per the data from CoinMarketCap. 
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Crypto whales heavily adding BTC despite bearish golden crossover

Todayq News

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