Oh, the rollercoaster ride of Bitcoin prices! On Monday, the Bitcoin price took a nosedive and plummeted to $36,200. The crypto community was left in shock as they were just starting to get used to the idea of market recovery. But what caused this dramatic plunge? Let’s dive into the world of BTC whales and their profit-taking shenanigans.
Profit-Taking By BTC Whales Triggers Decline
Ah, yes, when something rises too high too quickly, it’s only natural for some profit-taking to follow suit. And boy oh boy did it happen with Bitcoin! Crypto analyst Ali Martinez shared a chart on X (formerly known as Twitter) that revealed how those sneaky big investors – also known as BTC whales – were cashing in on their profits.
These whales have been making waves by moving or selling roughly 60,000 BTC over the past week. That’s right – 60,000 Bitcoins worth over $2.2 billion! No wonder we saw such a drastic impact on the price!
BTC whales sell holdings | Source: X
And who are these whale folks exactly? Well, they’re part of an elite group holding at least 100 BTC and up to 10,000 BTC each. Last week alone these addresses held around 8.61 million BTC but come November 13th – poof! It dropped down to 8.55 million.
p class = “p2”>But wait there’s more! According to data from IntoTheBlock (sounds like a cool place), approximately 81% of all BTC investors are currently swimming in profits – quite literally rolling in digital dough! So naturally when everyone starts cashing out their winnings like it’s Vegas baby!, you can expect that good ol’ price decline.
h2 class = ” p1 “>Bitcoin Price Needs To Hold $36 ,400 </ h1 >
So where does this leave us now? Well according to our trusty crypto analyst Ali Martinez again (seriously this person is everywhere!), The Bitcoin price has finally found support at $36 ,400 after its little tumble down memory lane . However , don’t pop open that champagne bottle just yet because if those bulls want any chance at redemption they better hold onto that precious $36 ,400 support or risk falling even lower .< / p >
Martinez predicts that if things go south and we break below$36 ,400 then brace yourselves for another significant level drop down memory lane resting comfortably at$34 ,300 . That would mean about a5 % plunge from where we stand today ! But wait there ’ s more ! If things really hit rock bottom then be prepared for another trip back in time all the way down to$30 ,200.< / p >
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/P>For now,Bitcoin is holding steady above$36600 which is always nice.The volume has seena39% increase bringing it abovethe18billion mark,suggestingthatinvestors took advantageofthedip tol oadtheirbags.IftheexcitementsurroundingapossibleSpotBTCETF sustains thenthepricecouldresumeitsuptrendabove37OOOsoon.
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There you have it folks – buckle up because this wild ride isn’t over yet!