Bitcoin Shows Signs of Reaching the Bottom Before Its Next Upward Move
The price of Bitcoin has dropped by 7% from its all-time high of $123,731 and is now trading at $115,892.
The whale ratio on exchanges indicates that Bitcoin may be approaching a bottom and could soon see a bullish reversal.
The BTC liquidation map indicates a price magnet around $120,000, which could drive short-term upward momentum. This pullback has raised concerns among traders, but on-chain data suggests a potential recovery, led by the largest Bitcoin investors, may be on the horizon. In a new report, the anonymous analyst at CryptoQuant, SunflowrQuant, pointed out that "a new bullish phase for Bitcoin may begin in the near term," as a key on-chain indicator shows positive signals.
SunflowrQuant assessed the whale ratio on Bitcoin exchanges and found that the indicator has risen to a zone historically aligned with local price bottoms.