Can Bitcoin Regain $90K? Bulls at Risk as Long-term Holders Ramp Up Selling
🔥 Key Takeaways
- Bitcoin risks a further decline to $84,000 due to rising whale exchange deposits and accelerated long-term holder selling.
- Long-term holders are selling their Bitcoin holdings at an increased rate, putting pressure on the price.
- Bulls are at risk of losing control of the market as bears gain momentum.
Bitcoin’s Price Under Pressure
Bitcoin’s price has been under pressure in recent days, and the situation is becoming increasingly dire for bulls. The cryptocurrency’s value has been trending downwards, and it’s now at risk of falling to $84,000. The main culprit behind this decline is the rising number of whale exchange deposits, which indicates that large investors are selling their Bitcoin holdings.
According to on-chain data, long-term holders are selling their Bitcoin at an increased rate. This is a concerning sign for bulls, as it suggests that even the most committed investors are losing confidence in the cryptocurrency’s ability to regain its previous highs. The selling pressure from long-term holders is likely to continue, putting further downward pressure on the price.
Whale Exchange Deposits on the Rise
The number of whale exchange deposits has been rising steadily over the past few days. This is a bearish sign, as it indicates that large investors are transferring their Bitcoin holdings to exchanges in preparation for sale. The increasing number of whale exchange deposits is likely to lead to a further decline in Bitcoin’s price, as the market becomes flooded with sell orders.
The situation is becoming increasingly dire for bulls, who are struggling to maintain control of the market. The bears are gaining momentum, and it’s likely that they will continue to push the price down in the coming days. Unless there is a significant reversal in the trend, it’s unlikely that Bitcoin will regain its previous high of $90,000 anytime soon.
Conclusion
In conclusion, Bitcoin’s price is under pressure due to the rising number of whale exchange deposits and accelerated long-term holder selling. The situation is becoming increasingly dire for bulls, who are at risk of losing control of the market. Unless there is a significant reversal in the trend, it’s unlikely that Bitcoin will regain its previous high of $90,000 anytime soon.
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