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Bitcoin Wobbles, But Holds: Is Stability the New Norm?
Bitcoin’s price is dancing around $105,300, a slight stumble of 0.8% in the last day and roughly 5% this month. But don’t write its obituary just yet. Despite mounting sell pressure, Bitcoin’s showing surprising resilience this week. After a fleeting dip towards the psychological $100,000 mark, it’s bounced back with a tenacity that suggests bulls are still in the game. Could this be the calm before another storm, or are we entering a period of unexpected stability for the crypto king?
That contrast between rising selling pressure and relatively steady prices suggests something deeper happening under the surface.
Data Shows Surge in Selling Pressure By Over 1,300%
Bitcoin’s pulse quickened as dormant wallets awoke. On-chain data, scrutinizing the age of spent coins, screamed a warning: a sudden exodus of long-held BTC to exchanges. Had conviction faltered, or was this the sound of whales repositioning?
Bitcoin’s short-term holders are causing tremors. In a seismic shift, wallets active for a mere 24 hours to a week catapulted their exchange transfers from 470 BTC on November 8th to a staggering 6,695 BTC by November 10th. That’s a jaw-dropping 1,300% explosion in just 48 hours. Is this a fleeting panic, or the start of a major market shakeup?
Meanwhile, the mid-term holders those with wallets aged six months to a year aren’t holding back either. Exchange inflows from their ranks have exploded, leaping from 268 BTC to a hefty 1,125 BTC. That’s a nearly 300% tidal wave of selling pressure crashing onto the market! This synchronized profit-taking by both short- and mid-term investors paints a picture of wavering conviction, suggesting many are cashing out at perceived resistance levels.
Bitcoin Sees Heavy Selling: CryptoQuant
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Typically, a surge of foreign money floods the market, pushing prices south. Not this time. The market’s resilience suggests a hidden hand new buyers absorbing the wave of sell orders.
Looming Bullish Crossover Signal Suggests a Rebound Could Strengthen
Zooming in on the short-term action reveals a potential power surge brewing. Forget those sluggish moving averages – the Exponential Moving Average (EMA) is whispering bullish secrets. The 20-period EMA is hot on the heels of the 50-period EMA, poised to leapfrog it in a bullish crossover. This isn’t just a blip; it’s a classic signal of momentum gathering strength, hinting at a possible breakout.
The last time this pattern appeared around October 25 Bitcoin rallied over 5% within days.
Looming Bullish Crossover: TradingView
Even after the market bloodbath, faint whispers hint at a rebound. All eyes are glued to the charts, anticipating a potential bullish crossover – the signal that hidden buying power is about to erupt.
Large Holders Step In as Key Bitcoin Price Levels Define the Next Move
Is the Bitcoin tide turning? Whale wallets are hinting at a bullish resurgence. A surge in accumulation is underway, with entities controlling over 1,000 BTC jumping from 1,362 to 1,388 between November 6th and 10th – a nearly 2% increase that suggests deep-pocketed investors are betting on a Bitcoin comeback.
At today’s price, deep-pocketed investors have snapped up over 26,000 BTC – a staggering $2.7 billion haul. This buying spree is poised to swallow a significant chunk of any near-term sell-offs, signaling strong conviction in Bitcoin’s future.
BTC Whales Getting Back To Accumulating: Glassnode
Can Bitcoin shatter its glass ceiling? Persistent accumulation suggests a surge could be brewing, potentially fueling a rally to challenge resistance levels. Keep a close eye on $105,500 – a battleground where bulls have repeatedly failed since November 9th. A successful breach here could signal a significant shift in market sentiment.
Bitcoin’s poised for a breakout! A decisive daily close above resistance could unleash a surge towards $109,700, a level that’s stubbornly blocked rallies since Halloween. Clear that hurdle, and $112,600 and $116,400 become the next targets. But hold on – this explosive move hinges on sustained whale activity and a lull in profit-taking from existing holders.
Bitcoin Price Analysis: TradingView
However, a daily close below $102,900 could weaken the structure and expose $98,800, invalidating the short-term bullish setup.
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