Bitcoin News Today: Whales Withdraw 20K BTC—Accumulation Rises as Seller Pressure Fades

Bitcoin's seller wave appears to be tapering off, with the Spent Volume hitting 529K BTC as of the latest data, marking one of the lowest levels in months. This significant drop suggests that the immediate selling pressure from market participants is easing, which is often a precursor to a potential price rebound. According to Axel Adler from CryptoQuant, the reduced volume points to a lack of incentive for holders to offload their assets, a condition that could be favorable for upward movement in the near term [1].

Further reinforcing this narrative, whales are reportedly pulling approximately 20K BTC off exchanges, indicating a trend of accumulation rather than distribution. The Exchange Whale Ratio, a metric that indicates whale activity on exchanges, has dropped to a 12-day low of 0.43, signifying a decrease in whale deposits to exchanges and an increase in private wallet storage [1]. This shift in behavior, particularly among MegaWhales, could be a bullish sign for Bitcoin's price, as historical patterns have shown such accumulation often precedes higher prices.

In the short term, Bitcoin's price action has shown some resilience, bouncing back to $117,421 after a dip to $111k. This partial recovery, however, does not negate the fact that the market is still testing key support levels. The current trading price of $115,601 represents a 2.45% increase over the last 24 hours, indicating that the market is not without upward momentum [1]. Yet, this comes with the caveat that should the selling pressure return, the $112K support level could become a critical point of contention.

AMBCrypto's analysis highlights that the netflow has turned negative, reaching as low as -$128 million, which is often interpreted as a sign of aggressive accumulation by large holders [1]. If this trend continues and whales continue to absorb supply, the price of Bitcoin could potentially reclaim the $117K level, with a test of the $119,600 level as the next target. This scenario, however, is contingent on maintaining the current accumulation trend and the absence of new selling pressures.

The broader market sentiment is cautiously optimistic, with Bitcoin's Spent Volume indicating a potential period of consolidation or an upward trend if demand picks up. Analysts remain watchful of the market's next move, particularly as Bitcoin's current price is in a critical phase where a sustained move above the $118,200 level could invalidate the bearish outlook and signal a more bullish trend [2].

Source: [1] Whales pull 20K BTC off exchanges: What it means for ... (https://ambcrypto.com/whales-pull-20k-btc-off-exchanges-what-it-means-for-bitcoins-rebound/) [2] Crypto News Today LIVE : Bitcoin, Ethereum , XRP Price, ... (https://coinpedia.org/news/crypto-prices-today-live-why-crypto-is-up-today-ethereum-price-ath-btc-price-today/)