Bitcoin Investors On Edge As Whales Take Profits, Ending Price Rally

Name	Symbol	Market	Market Cap ($)	Algorithm
Quant	QNTUSD	Crypto	1,446,272,878	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Quant

QNTUSD

Crypto

1,446,272,878

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-1.64	-1.62%	99.45	99.39	99.47

Price Change

Price Change %

Current Price

Bid Price

Offer

-1.64

-1.62%

99.45

99.39

99.47

High Price	Low Price	Open Price	Prev. Close	52 Week Range
105.00	98.44	100.96	101.09	83.10 - 153.83

High Price

Low Price

Open Price

Prev. Close

52 Week Range

105.00

98.44

100.96

101.09

83.10 - 153.83

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	21:31:48	0.873000	99.45	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

21:31:48

0.873000

99.45

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,970,423.89	19,637.77	QNT	QNTEUR	QNTGBP	QNTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,970,423.89

19,637.77

Bitcoin Investors On Edge As Whales Take Profits, Ending Price Rally

31/03/2023 12:55pm

NEWSBTC

Bitcoin has been a wild ride for investors lately, with the world’s most valuable cryptocurrency breaking through the $29,000 mark, only to be swiftly rejected. However, on-chain data is now revealing a concerning outlook for the future of Bitcoin. It seems that some traders and whales are cashing in following weeks of gains, which has sparked fears of an imminent decline. This development has left many investors concerned, wondering whether this is just a temporary pullback or the start of a larger correction. CoinMarketCap shows the current price of Bitcoin (BTC) is $27,779.40, down 3.6% in the last 24 hours. Despite the recent dip, Bitcoin’s 14-day increase is 10.1%, and the 30-day rally is 19.6%. This shows that Bitcoin’s overall trend is still bullish, but the recent pullback has some investors concerned. Related Reading: This Little-Known Crypto Is Shooting Up Nearly 90% – Here’s Why On-Chain Data Suggests Bitcoin Traders And Whales Are Selling In the past week, CryptoQuant’s Spent Output Profit Ratio data has surged above 1, indicating that certain traders and whales are cashing out after a period of steady gains. This can be seen in the rising count of hefty transactions that are transferring Bitcoin from exchanges to private wallets. This indicates that some investors are taking their profits and transferring their digital assets to cold storage or off-exchange wallets. #Bitcoin – What a lovely fakeout. This is why you don’t chase green candles pic.twitter.com/oJzrMoRi20 — IncomeSharks (@IncomeSharks) March 30, 2023 $29,000 Breach A ‘Fakeout’ Bitcoin made a brief foray into the $29,000 territory on Thursday, only to experience what market participants have labeled a “fakeout.” This term is often used in the world of technical analysis to describe a false breakout – where Bitcoin’s price breaches a key level – only to swiftly retreat below it. Essentially, the fleeting incursion past the mark was an indication that the rally was not yet sustainable. While this may have disappointed some investors who were hoping for a sustained move above $29,000, it is important to remember that Bitcoin is a highly volatile asset. It is not uncommon for the price to experience sharp pullbacks after extended periods of gains. BTC total market cap currently at $539 billion on the daily chart at TradingView.com Related Reading: These Top 5 Meme Coins Are Bleeding As March 2023 Ends – Here’s Why #Bitcoin $BTC The yellow dotted line indicates the beginning of 2023. Note the volume – the past 5 days are the weakest this year. Last time similar was observed in June 2022. Paradoxically, just before the drop from 30k. pic.twitter.com/JKtEpYhP6G — Lukasz Wydra (@lukasz_wydra) March 30, 2023 Adding to the air of caution, Lukasz Wydra, a prominent Bitcoin and crypto analyst, on Twitter highlighted that the current trading volumes are at their lowest for the year 2023. This is an ominous similarity to what occurred in June 2022, when a similar lull preceded the drop from $30,000. His message is clear: with the current state of affairs, investors should keep their wits about them and keep a close eye on market developments. -Featured image from Virtualization Review

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