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The cessation of buying by whales has raised concerns about the future value of bitcoin. Especially since the technical patterns are pointing to a bearish trend. Historically, such trends have been associated with prolonged declines or periods of consolidation.
Cryptocurrencies are pulling back from BTC
According to Lookonchain, institutions are backing away from bitcoin purchases. This has coincided with a drop in the value of BTC - the figure has fallen by 4.5% in the last 24 hours. According to CoinGecko, at the time of writing, the cryptocurrency is trading at $58,380.
Bitcoin's decline below the $60,000 mark has probably affected the interest of large investors in BTC.
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“Institutions seem to have temporarily stopped buying bitcoin, and that's why the price of BTC has dropped 4.5% today! Two days ago we noticed that institutions are no longer receiving USDT from Tether treasuries, nor are they transferring them to exchanges,” Lookonchain analysts noted.
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In addition, stablecoin deposits to the Tether treasury have also declined. After a deep drawdown in the crypto market last week, more than 1.3 billion USDT was withdrawn to exchanges. This indicates a decrease in buying pressure and a more cautious approach by investors.
Amid the concerns, trader Peter Brandt stated that the trend has reversed from bullish to bearish. On the weekly chart between simple moving averages (SMA) 8 and 19, the expert found a “death cross”.
The “death cross” is not the most reliable indicator of the future price. However, it suggests the beginning of a downtrend.
David Poell, a researcher at ARK Invest, talked about critical support levels for bitcoin in the event of a price correction:
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“The most important support levels for the bitcoin price are at $52,000 and $46,000, with the latter confirmed by the onchain average - the red line on the chart,” he explained.
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In conclusion, we can say
The bitcoin situation looks a bit uncertain right now. However, in the coming weeks it will become clear whether BTC will be able to stabilize or if the price of the cryptocurrency will decline further.
Rao Cash Analytical Expertise: Event Context
The latest data presented in Whales stop buying BTC because of 'death cross' clearly reflects the ongoing shifts in the balance of power within the global cryptocurrency market. The Rao Cash information portal monitors these market triggers 24/7, delivering high-quality crypto news, real-time on-chain statistics, and expert blockchain industry insights to our audience. We assist readers in promptly identifying long-term trends while filtering out speculative noise and market manipulation.
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