$BTC Whale transfers $2.3 billion overnight! Is it a bull returning or a bear arriving?
The bull market came to a sudden halt, and those without seatbelts have been thrown out. Bitcoin fell from a high of $117,800 to around $117,000 in two hours.
1. Latest technical analysis! Three major warnings!
1. Moving averages completely lost: Prices have continuously broken below the MA5 and MA10 lines, forming a bearish arrangement. $116,600 has become a recent resistance level; if the rebound fails to stabilize, the next target is $11,500,000.
2. Trading volume exposes hidden dangers: Actual trading volume was 6,293 contracts compared to an estimated 9,972 contracts, a decrease of 37%. Compared to the 5-day average volume (12,168 contracts), this has nearly halved. The declining volume indicates that selling pressure has not been fully released, reflecting an inertia decline due to insufficient liquidity.
3. MACD confirms bearishness: The fast and slow lines have opened a death cross below the zero axis, and the momentum bars have dropped sharply from +500 to -500. The short-term trend has turned bearish, but it is severely oversold, and a technical rebound is imminent.
2. Latest news on-chain! Three key points!
1. Whales transferred a net of 21,000 BTC to exchanges within 24 hours, historically indicating short-term selling pressure.
2. Bitcoin ETF has seen net outflows for three consecutive days, with institutional attitudes shifting to caution.
3. The US Dollar Index (DXY) surged to 106.5, suppressing risk assets, while the put/call ratio for options has surged to 0.7, increasing risk-averse sentiment.
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