Bitcoin Price Drop Below $20K, Whales Continue To Sell Their Holdings
The world’s first cryptocurrency, Bitcoin, has once again lost its grip over the crucial level of $20,000 after hitting a high of $21,469. It appears that the bears have successfully regained dominance as the currency is already trading below $19,900.
At the time of writing, Bitcoin is valued at $19,785 after a drop of 4.68% in the last 24hrs and a 3.91% plunge in the last seven days. The immediate resistance is poised at $20,850 and the support is around $19,700.
Drop In Bitcoin Whale Accumulation
It’s being observed that retail investors who own less than 1 BTC are purchasing the King currency and the whales with more than 10,000 BTC are dumping their BTC holdings.
Bitcoin has been experiencing a distribution phase since August. However, since mid-August, the flagship currency has been trading between the $18,000 and $22,000 range.
The below chart depicts that in March, small retail investors bought huge Bitcoin while, in contrast, the whales sold their holdings during the same time frame.
It’s a known fact that Bitcoin has been hit with a lack of volatility since June, hence, the whales and retail investors who bought BTC during this time might be close to amassing profits. The selloff by the Bitcoin whales suggests a mo neutral position and a trend reversal in the coming days.
Nevertheless, even while most of the whales are in the distribution phase, Bitcoin holders who hold more than 1,000 BTC and less than 10,000 BTC have also come forward to purchase more BTC from the mid of October.Source