Bitcoin (BTC), the world’s largest cryptocurrency by market cap, appears bearish and may crash again. Today, August 13, 2024, a prominent trader posted on X (formerly Twitter) that Bitcoin Whales have shed a significant amount of Bitcoin as the price has dropped below $60,000.
Why can Bitcoin crash?
According to the post on X, these whales have moved over 10,000 BTC worth around $600 million to exchanges, both centralized (CEXs) and decentralized (DEXs), over the past week. This post on X has received a huge amount of attention because it has the potential to impact the BTC price.
After a 15% price increase in BTC, it has been continuously declining and has seen a drop of over 4% in the past three days. The possible reason behind this significant BTC dump is the recent market crash on August 5, 2024 and investors’ interest in BTC as the price continues to fall.
Bitcoin Price Prediction
According to expert technical analysis, Bitcoin (BTC) appears bearish as it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame. Besides the 200 EMA, a strong bearish candle below the $60,000 resistance level further strengthens the bearish outlook for BTC.
If the sentiment remains unchanged, there is a high chance that it may drop another 12% towards the $52,700 level in the coming days. However, for an upward rally, BTC needs to give a strong daily candle closing above the $62,000 level.
BTC Price Analysis
At the time of going to press, BTC is trading around $59,120 and has experienced a price drop of over 1.7% in the past 24 hours. Meanwhile, the trading volume has dropped by 22% in the same period, indicating lower participation from traders and investors.
In addition, BTC’s open interest has also fallen. According to data from on-chain analytics firm CoinGlass, it has fallen by 1.5% in the past 24 hours.
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