Bitcoin to See Explosive Bearish Move as Whale Activity Picks Up
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Sharing on-chain metric analysis of Bitcoin, CryptoQuant revealed that whale activity remains gloomy for the cryptocurrency. According to the analysis, BTC whale activity spiked just before the benchmark cryptocurrency broke below the $20K support. The analysis highlighted that the trend began in august after dormant BTC tokens got reawakened.
In August, CryptoQuant launched research into transactions involving 1,000 to 10,000 Bitcoins that had been dormant for at least seven years. The research found that either the tokens might belong to early BTC adopters or they were being moved from the now defunct Cryptsy Exchange before the hack.
Whatever the case might have been, CryptoQuant noted that the coins made their way to exchanges to mostly be sold off. Some of these tokens got sent to unknown addresses, which are believed to be mixers. That said, this dormant token movement is said to represent only a fraction of the number of tokens that reached exchanges, considering that the BTC Exchange Reserve reportedly saw some spikes in deposits.
Bitcoin Key Bitcoin Levels to Watch — September 18
Bitcoin is on a dangerously bearish path as it continues to battle against headwinds at the $20,000 level, as bears press for a move towards $18K.
The benchmark cryptocurrency has managed to prop itself decently above the $19.6K range base over the past few days, which could be the last support level holding against an aggressive bearish trend. The cryptocurrency returned to bearish play after a sharp rejection just under the $23K mark on higher-than-expected CPI numbers. How much longer do you think bulls can hold the $19.6K support with a US Fed rate hike looming?
Meanwhile, my resistance levels are at $20,000, $20,500, and $21,000, and my key support levels are at $19,600, $19,000, and $18,000.
Total Market Capitalization: $946.9 billion
Bitcoin Market Capitalization: $377.9 billion
Bitcoin Dominance: 39.8%
Market Rank: #1
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