Bitcoin Weekend Plunge: What is the Outlook for Crypto Bulls?

A large buyer's sell order over the weekend led to a lightning crash of Bitcoin, the world's largest cryptocurrency, resulting in over $500 million in liquidations.

A sell order of 24,000 Bitcoins worth $2.7 billion triggered a 3.74% pullback in less than ten minutes, leading to $623 million in liquidations. CoinGlass.

Despite this, Bitcoin has risen 2.41% from the weekend low of $110,484, currently trading close to $113,169. CoinGecko data.

Crypto trader and Aike Capital founder Alex Krüger tweeted on Sunday: "Once the short-term momentum fades, breaking above $113,500 to $114,000 should be much easier." Ten.

Despite the volatile price action, some experts believe that this sell-off is not a sign of bearish sentiment, but rather a healthy manifestation of a maturing market.

Software engineer and cryptocurrency and economics expert Vijay Boyapati posted on Twitter: "Prices are stagnating because some whales have reached their magic numbers and are selling." Ten.

He reiterated that whale selling is a healthy phenomenon and is "necessary for Bitcoin's complete monetization."

It is estimated that this whale still holds 152,874 Bitcoins, worth $17.3 billion. Sani, an on-chain analyst, founder of Time Chain Index.

Sean Dawson, research director at on-chain options platform Derive, stated that the sell-off may have been exacerbated by existing market conditions such as "weekend liquidity shortages" and "increased leveraged long positions" over the past week. Decipher.

Dawson emphasized that Derive's options data indicates "Bitcoin maintains a bullish stance around the $135,000 to $155,000 price range," and that the recent "drop has little impact on bullish traders." #比特币远古巨鲸持续出清 #BTC