Bitcoin Whales Show Increased Selling Pressure as Price Tests Key Support
Bitcoin's price is struggling to surpass $110K, leading to a shift in sentiment among whale entities from accumulation to distribution. Key points include:
- Glassnode’s Accumulation Trend Score for Bitcoin whales decreased to 0.4, indicating increased selling activity.
- Whales began accumulating in April when BTC was priced at $75,000 but are now offloading holdings, signaling profit booking and caution.
- Recent exchange-flow data shows a reversal, with whales depositing BTC back onto exchanges, typically a precursor to selling.
- As of now, BTC is trading at $108,433 after being rejected at $110K. Analysts note that strong buying doesn't always indicate bullish trends.
- Market strategist Justin Bennett maintains a bearish outlook, identifying $106K as critical support; a drop below could signal further declines towards $96,000–$97,000.
Source: Glassnode
Source: Glassnode