Who sells Bitcoin? Top analyst discovers aged whale activity

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Bitcoin started the year with a forceful performance, confirming key demand above $92,000 and gaining over 6% price growth. The move renewed investor optimism, strengthening Bitcoin’s position as a market leader amid a broader cryptocurrency recovery. However, selling pressure continues to keep the price below the psychologically significant $100,000 level, leaving many investors wondering who could outperform BTC at such a critical point in the cycle.

According to CryptoQuant CEO Ki Juvenile Ju, the answer lies in aged whales. In a recent analysis, Ki revealed that savvy BTC holders were offloading significant amounts of BTC, with over-the-counter (OTC) trading playing a major role in the recent selling pressure. This suggests a strategic redistribution of shares that could influence short-term price movements while potentially setting the stage for recent market entrants.

As Bitcoin struggles to break the $100,000 barrier, market sentiment remains mixed. On the one hand, the long-term signal of demand and institutional interest continues to strengthen. On the other hand, short-term selling by influencer whales highlights the challenges BTC faces in maintaining its upward trajectory. The coming days will show whether BTC is able to overcome this resistance and start the year with a historic rally.

Bitcoin whales are taking profits

As Bitcoin begins what investors say is another forceful year, a closer look at market dynamics reveals that aged whales are taking profits during periods of uncertainty. Over the past few weeks, market sentiment has changed dramatically, from extreme bullishness and skyrocketing prices to concerns about a possible significant correction, and now back to an confident outlook.

In the midst of this turmoil, CryptoQuant CEO Ki Juvenile Ju shed airy on the forces driving the market. Sharing key insights on X, Ju revealed that aged whales are actively selling BTC at current levels. Despite these actions, it notes that the high volume of over-the-counter (OTC) transactions and exchange deposits are not causing market crashes. This controlled selling strategy indicates a calculated approach by experienced investors, balancing profit-taking with market stability.

Bitcoin Exchange Inflow and Coinbase Premium Index | Source: Ki Juvenile Ju on X

Ju further emphasizes that the buying pressure comes mainly from US institutions, especially Coinbase. There is a caveat, however – Coinbase’s daily premium, a key indicator of institutional demand, is at a two-year low. This suggests that while institutional players are involved, their activity is not as forceful as it should be to push Bitcoin towards its next gigantic rally.

For Bitcoin to maintain its upward momentum, Ju emphasizes the need to revive institutional demand. A renewed enhance in buying pressure may pave the way for BTC to break through resistance levels and continue to rise. Until then, the market can remain in a fragile balance.

Technical Setup: BTC Rising?

Bitcoin is currently trading above the $95,000 level, signaling near-term strength and prompting cautious optimism among investors. This level is seen as a key point in the ongoing price action, as every hour that BTC stays above it reinforces expectations of a potential rally towards the critical 100,000 level. dollars. Breakout above 100,000 dollars is vital if bulls want to regain control and initiate a decisive upward move that could set the stage for recent all-time highs.

BTC tests liquidity at a level of 92 thousand. up to 100 thousand dollars
BTC tests liquidity between 92 thousand dollars and 100 thousand dollars | Source: BTCUSDT chart on TradingView

Nevertheless, the market remains characterized by significant uncertainty. Although keeping above 95 thousand dollars provides a glimmer of hope, bulls have not yet gained the momentum needed to overcome prevailing selling pressure. This suggests that the breakout may require more time as the market evaluates its next direction.

On the other hand, the importance of the $92,000 level cannot be overstated. As a key demand zone, holding above this value is crucial to maintaining Bitcoin’s long-term bullish structure. A break below this value could trigger a deeper correction, testing investor confidence.

As Bitcoin moves through this phase of a narrow range, market participants remain vigilant, focusing on holding these key levels to signal strength and readiness for another bull cycle rally.

Featured image from Dall-E, chart from TradingView

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