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Bitcoin Whales Turn Bearish?, What’s In Store For BTC Over The Weekend

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Bitcoin has been moving back and forth along the line between $22,500 and $23,500, with the bears ramping up their efforts during today’s trading session. The cryptocurrency is facing increased selling pressure from BTC whales.

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At the time of writing, Bitcoin (BTC) is trading at $22,900 with a 2% gain in the last 24 hours and a 4% loss in the last week. In the top 10 by market capitalization, BTC lags behind, while Ethereum, Binance Coin, Cardano, and Polkadot managed to stay in the black with profits over these periods.

BTC price is moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview
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Data on material indicators, general by a user under a pseudonym, signaled a change in market dynamics for low timeframes. As seen below, bitcoin investors with sell orders ranging from $100,000 to $1 million have started bringing their coins to the market.

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As a result, the price of BTC is losing momentum and could face further losses if these investors continue to apply pressure in the coming days. An analyst at Material Indicators noted that investors with these orders (purple in the chart above) had “the biggest impact on the price of Bitcoin.”

This pressure from investors is preceded by a decrease in the liquidity of offers. In other words, as bitcoin whales started dumping, there were fewer buy orders to act as support in case of further losses.

This makes the price of BTC susceptible to volatility, and as the weekend approaches, the cryptocurrency seems to be ready for possible sudden moves in any direction. An analyst from Material Indicators had this to say about the opportunity, sharing the chart below:

We expect more volatility over the weekend. If a bear market rally can push BTC above 25k, then there won’t be much friction in the 26k-28k range. The loss of the trendline will be bad for bullish hopes and dreams. Pay attention to the line (…).

Bitcoin BTC BTCUSDT M1 2
Source: Material indicators via Twitter.

Long-term bitcoin holders make a profit

In support of the above, the analytical company Glassnode. records increased selling pressure from long-term Bitcoin holders. These investors took profits after a short period of accumulation.

The relief that the crypto market has experienced provided these investors with the opportunity to profit and break even with their initial investment:

The recent rally has given long-term holders the opportunity to sell some of their holdings at cost, at prices that essentially get their money back.

Bitcoin BTC BTCUSDT Glassnode
Source: glassnode

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