Bitcoin Whales Cut Holdings by 220K BTC, Signaling Market Caution
- Rapid Decline in Whale Holdings: Bitcoin whales holding between 1,000 and 10,000 BTC have reduced their holdings by 220,000 BTC over the past year, dropping from approximately 409,000 BTC in March 2024 to around 220,000 BTC, indicating increasing market uncertainty and potential for deeper price corrections.
- Significant ETF Outflows: Last week, spot Bitcoin ETFs experienced outflows totaling $681.01 million, with January 7 recording the largest outflow of $486 million, reflecting investor caution despite a $697.25 million inflow on Monday, which was insufficient to reverse the overall trend.
- Whale Behavior Analysis: While some whales purchased 3,000 BTC on January 7, the overall trend shows a decline in whale holdings, indicating a cautious stance towards the market, especially as Bitcoin's price rose to $90,000, suggesting persistent market instability.
- Exchange Inflow Trends: According to Cryptoquant data, Bitcoin inflows to Binance have been steadily increasing over the past two years, with a mean inflow of 22.81 recorded in January, indicating that whales are still seeking profit opportunities amid market volatility, even as overall whale holdings decline.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36425.103 | 48212.552 | 61160.853 | 72948.302 | 85896.603 | 97684.052 | 110632.353 |
| Fibonacci | 48212.552 | 57661.608 | 63499.245 | 72948.302 | 82397.358 | 88234.995 | 97684.052 |
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