bullish

Snaps

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s exchange reserve is at its lowest level in months, suggesting accumulation by whales.</li> 
 <li>Market sentiment is bearish, but whales are capitalizing and heavily accumulating.</li> 
</ul>  
<h2 id="whale-activity-amid-falling-prices">Whale Activity Amid Falling Prices</h2> 
<p>Bitcoin’s exchange reserve is currently at its lowest level in recent months. This indicates that large investors, or ‘whales’, are accumulating Bitcoin. This accumulation is happening despite the current market sentiment, which appears extremely bearish. On 4th September, on-chain analytic firm lookonchain reported that a Bitcoin whale bought 545 BTC worth $30.82 million as the price fell notably. </p> 
<p>This is not the only time whales have taken advantage of a price dip as an opportunity. The on-chain analytic firm Santiment shared a post noting that whales and sharks holding between 10 to 10K BTC have accumulated 133.3K&nbsp; BTC from small traders who have been panic selling over the past month. </p> 
<h2 id="technical-analysis-and-market-sentiment">Technical Analysis and Market Sentiment</h2> 
<p>According to expert technical analysis, Bitcoin appears bearish as it broke down a strong consolidation near the crucial support of $57,000. If the BTC price closes a daily candle below the $56,500 level, it could fall to $54,000 or $52,000 levels in the coming days. </p> 
<p>As of press time, the major liquidation levels were $55,450 on the lower side and $58,450 on the higher side. If the market sentiment remains bearish and the price falls to the $55,450 level, nearly $650 million worth of long positions will be liquidated. Conversely, if the sentiments shift and the price rises to the $58,450 level, approximately $1.32 billion worth of short positions will be liquidated. </p> 
<p>Despite the bearish market sentiment, CryptoQuant’s on-chain metrics such as BTC exchange reserve and exchange inflow are flashing a bullish outlook for BTC. BTC’s exchange inflow has been continuously falling in recent months, reflecting buying pressure from investors and institutions. At press time, BTC is currently trading near $56,550 and has experienced a price decline of over 4.5% in the last 24 hours. Meanwhile, its open interest dropped by 4.65% during the same period, indicating a lowering in investor and trader interest. </p>

Bitcoin Mogul Snaps Up $31M in Crypto Amidst Market Downturn: Is a Flip Anticipated?

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CoinEagle.com

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