Bitcoin price stabilizes at $84,000 and indicators suggest a potential correction!
Bitcoin continues to trade at the $84,000 level since last week without significant fluctuations, in stark contrast to the sharp movements the market experienced earlier.
However, its current stability may just be the calm before a new wave of upcoming volatility.
Whale Activity:
Whales play a pivotal role in the cryptocurrency market, as they hold large stakes that can lead to strong fluctuations when buying or selling in large quantities.
According to “CryptoQuant” data, the percentage of Bitcoin flows from whales to trading platforms has risen to unprecedented levels since last year, indicating a potential redistribution of assets by major investors, which is a sign of imminent selling pressure.
Meanwhile, the “Glassnode” platform indicated that short-term investors (STH) currently hold assets worth $7 billion at a loss, marking the largest sustained loss during this bullish cycle.
Although the current phase is still within the bullish market range, it could lead to further declines if these investors decide to liquidate their assets, especially as prices continue to remain in a consolidation range.
The question currently posed:
Are we witnessing an upcoming correction in Bitcoin's price, or will the market maintain its upward momentum?