Bitcoin whales cause market concern

The leading cryptocurrency has been rising exceptionally fast for quite some time now and has reached an all-time high of over $72,000. However, this increase has coincided with intense activity from Bitcoin whales, addresses that deposit more than 1,000 BTC. These large holders are actively selling their profits, which has increased concerns among experts about a possible adjustment in the price of the cryptocurrency.

Whale activity and its impact on markets

Analyst Ali Martinez, who has over 52,000 followers on X, highlighted the decrease in the number of Bitcoin whale addresses holding more than 1,000 BTC. This amount has decreased by 4.83% over the past two weeks, suggesting that the most influential holders are taking advantage of the recent surge to sell their assets. These massive sales by Bitcoin whales could lead to a significant drop in the price of the cryptocurrency.

According to data from CoinGlass, long Bitcoin positions worth approximately $29.40 million have been liquidated in the last 24 hours. Although this figure is lower than the average long liquidation, its impact on the market should not be underestimated, especially with the rise in the price of Bitcoin.

Renowned cryptocurrency analyst Michael van de Poppe recognized the power of Bitcoin as it hit a new all-time high. However, he warned about a potential price correction, which could range between 20% to 30%. As a precautionary measure, Pope recommended focusing on altcoins.

Experts are concerned about the recent liquidations by Bitcoin whales and the decrease in the number of whale addresses holding large amounts of BTC. He believes that these factors could encourage increased market volatility and an adjustment in Bitcoin’s price trend.

Market dynamics and bitcoin price

Despite the recent surge, Bitcoin price has seen a slight decline and has fallen below $72,000. At the time of writing, Bitcoin was trading at $71,882.94, 0.50% off its all-time high. BTC’s 24-hour trading volume decreased by 5.73% to $53.4 billion, indicating a decrease in trading activity. Furthermore, the market capitalization of cryptocurrencies stood at $1.41 trillion.

Along with the cautious outlook from analysts, the recent actions of Bitcoin whales indicate that the cryptocurrency market may be headed towards a period of increased volatility and a potential price correction.