Bitcoin Faces Selling Pressure as New Whales Emerge
- Bitcoin (BTC) dipped below $90,000 on Tuesday, indicating ongoing selling pressure.
- New BTC whales, holding over 1,000 BTC for less than 155 days, now control more realized capital than long-term holders.
- The realized price for new whales is approximately $98,000, with current unrealized losses totaling $6 billion.
- The Exchange Whale Ratio has increased to the range of 0.52–0.55, suggesting significant sell-side pressure.
- Market analysts predict a potential pullback to the $85,000 level based on bearish order book data and trading patterns.
As new Bitcoin whales emerge and dominate market activity, their influence is shifting the dynamics of Bitcoin’s price action. With significant unrealized losses and a high Exchange Whale Ratio indicating heavy selling activity, traders are closely monitoring potential support levels.
Currently trading below key resistance levels around $95,000 to $98,000 may lead BTC towards a further decline near $85,000.(Source)
