Bitcoin Slumps Despite Whales Accumulation: Next Stop $60,000?
Bitcoin is under immense pressure, forcing the markets lower. The primary support is at $60,000, but buyers can flow back
Bitcoin is in red, looking at the performance in the daily chart. Even though there were hopes of the coin arresting sellers, it all was brushed aside. Bulls stood no chance this week. After four days of lower lows, it appears that sellers are gradually cementing their position, reversing gains from July 14 through to 21. As things stand, traders can consider aligning themselves with the developing trend. This outlook will hold firm, especially if prices drop below $63,000 today.
At press time, Bitcoin is down 12% from $72,000 and may post even more losses by the close of today. Even so, the dominant trend is bullish from a top-down preview. The coin is down 1% in the past day, pushing losses through the last week to roughly 5%. As prices tank, engagement also rose to over $38 billion. This points to possible liquidation as bears forced prices lower, torching bulls’ positions.
The following Bitcoin news events are worth tracking:
- On-chain data shows that bears have been persistent. Looking at weekly liquidation clusters and net taker volume, it seems like prices might fall some more. Analysts predict more losses throughout the next few weeks.
- Amid the sell-off, whales are rapidly accumulating. Since the approval of spot ETFs in mid-January, issuers have bought nearly 300,000 BTC. This figure excludes Bitcoin held by corporates like MicroStrategy.
Bitcoin Price Analysis
BTC/USD is down at spot rates.
There were flashes of strength by the end of last week.
Prices rose to over $70,000 afterward. However, the failure of bulls to sustain prices allowed bears to push on, cementing the importance of the round number.
From the daily chart, traders might look to short, aligning with the developing trend, especially if prices are capped below $63,000.
The immediate target for sellers will be the 61.8% Fibonacci retracement level of the July 2024 range at $60,000.
If there is a recovery, Bitcoin might edge higher, breaking $66,000.
Even so, clearer entries will be above $70,000.
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