And the sardines are getting along the way …
Bitcoin (BTC) whales – people holding 1,000 or more coins – sold most of their possessions after the local top of approximately $ 19,300. According to on-chain data from the Santiment team, this category of whales unloaded their coins two days ago, to the point that 11 of them no longer belong to the category of more than 1,000 coins.
The Santiment team shared his observations through the following statement and the attached graphic, highlighting the drop in whales that have more than 1,000 Bitcoins.
“$ BTC whales with 1,000 or more coins (currently $ 16.7 million or more) sold almost immediately after the $ 19,300 price spike two days ago. Eleven of these whales, in fact, sold enough to no longer be in this category of more than 1,000 coins, just when prices peaked. ”
The sale of whales may confirm a Bitcoin correction
The sale of BTC by whales could be a confirmation of the beginning of a correction for Bitcoin.
It is worth noting that Bitcoin is in “bubble territory”Since it broke $ 15k. His impressive parabolic run since the beginning of October ($ 11k) had to be fixed some time ago.
The popular Bitcoin analyst, MagicPoopCannon, had previously pointed out that $ 13,800 was a plausible area for a Bitcoin jump if there was a correction.
In addition, and in his most recent Bitcoin analysis, he highlighted the importance of the 50-day moving average to maintain Bitcoin’s bullish momentum.
“Although I think there is a high probability that BTC will remain in an upward trend, we can see a deeper decline… At this point, it is important to look at the 50-day moving average (in orange). If BTC gets in touch with 50 days, it is very likely to work as a support, especially considering all the hype and excitement surrounding Bitcoin now. ”
At the time of this writing, Bitcoin’s 50-day moving average is slightly above the $ 14,500 price range and will be an area of interest if Bitcoin finally corrects before the end of 2020.