🐳Analyst: Bitcoin selling pressure increases, whale dominance reaches 96%
Recently, the $BTC market has been a bit "turbulent", and prices have been falling all the way, making many investors sweat. Yesterday, famous analyst Axel Adler shared some key data to give us some clear understanding of the market.
Currently, Bitcoin is now trading below the $90,000 mark, and market sentiment has turned bearish. Adler pointed out that the dominance of large players (that is, what we often call "whales") on exchanges has soared to a staggering 96%! This means that these big players have been actively selling their Bitcoin in the past two months, causing the market to continue to sell.
This trend has many people worried that Bitcoin may continue to fall. If the bulls cannot turn the situation around soon, Bitcoin may usher in a new round of selling, and the price may be lower. The next few weeks are very critical, and investors are waiting to see whether Bitcoin can hold the current support level, or whether the market will enter a long period of adjustment.
Still, Adler mentioned that Bitcoin is still being actively bought despite the massive sell-off. While the market is absorbing this sell-off, it is also dealing with some negative news, such as the Bybit hack, the failed Bitcoin reserve vote in three states, and the negative stock market sentiment brought about by Trump's trade policies.
Now, the price of Bitcoin has fallen to around $84,600, and bulls are struggling to hold this key level. If it can break through $90,000 and further push above $95,000, the market may usher in a rebound. But if this support level cannot be maintained, the price may fall further to $80,000 or even lower.
In short, the next few days will be very critical for Bitcoin. Everyone should pay close attention to the market's reaction to see whether Bitcoin can resume its bullish momentum or continue to fall. I hope the market can bring us good news!
💬What do you think? Is this drop in Bitcoin a temporary correction, or is it the beginning of a larger decline? Will you choose to buy the dip or wait and see? Chat about your views in the comment section!
