Whales Step Back 🐋 – Bitcoin Faces Renewed Struggles
Over the last two months, whales' BTC holdings have plummeted, leading to market volatility.
Whales have sold 147,000 BTC worth $16.5 billion at $112,500 per Bitcoin, according to CryptoQuant. The figure below shows whales' monthly balance drop, which may be lowering prices.
If this de-risking tendency continues, short-term recovery may be impossible, increasing the likelihood of a Bitcoin price dip below $110,000.
SoSoValue data shows $141 million withdrawals on Tuesday and $76 million on Monday for US ETH ETFs.
Bitcoin is above the 100-day EMA on the daily chart, providing immediate support around $111,869. A green candle lifted the price over $112,500 round-number short-term support, indicating a little rebound.
The Relative Strength Index (RSI) is 44, indicating rising retail Bitcoin demand. However, negative risks may persist until the RSI climbs above the midline.
Traders are watching the 50-day EMA around $113,810, which may stall the rebound toward $116,000, touched on Saturday.
Breaking the 100-day EMA at $111,869 might lead to losses below $110,000.
Ethereum fluctuates between $4,066 and the 50-day EMA at $4,247.
Traders may use the 100-day EMA at $3,846 and the 200-day EMA at $3,385 as support levels if drops escalate below $4,000.
However, a break and daily close above the 50-day EMA at $4,247 would strengthen the bullish grip and maintain the uptrend until the next significant barrier around $4,500, last touched on Sunday.
After six days of falls, XRP bulls are reclaiming power. The daily chart shows short-term support near the 100-day EMA, at $2.83, with an upward-facing RSI at 43.
If bulls fail to maintain gains above the 100-day EMA, trading below it may lead to losses to $2.70, last reached on Monday, and prolonged drops to the 200-day EMA at $2.59.
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