Bitcoin’s price has recently edged closer to the $90,000 mark, signaling a period of fluctuation for the cryptocurrency market. Simultaneously, on-chain data from platforms like CryptoQuant reveals a significant drop in whale activity on Binance, suggesting a shift in market dynamics.
Whale Activity Dips as Bitcoin Consolidates
According to CryptoQuant, Bitcoin whale inflows to exchanges have plummeted from $8 billion to just $2.7 billion in the past weeks. Such decreases in inflows are often tied to reduced selling activity. The data tracks large transactions across three key segments: 100–1,000 BTC, 1,000–10,000 BTC, and transactions exceeding 10,000 BTC. Currently, the decline in movement across all categories indicates a slowdown in pressure from significant holders.
In November, whale activity on Binance was nearly three times higher, causing market instability. By contrast, the recent quieter approach from large holders hints at stability, with many opting to hold their Bitcoin during this consolidation phase.
Market Recap: From $97K to $90K
The recent past has witnessed substantial volatility as Bitcoin fell from approximately $97,000 to nearly $90,000—triggering over $500 million in long liquidations. Significant sell-offs from whales moved nearly 22,918 BTC (worth almost $4 billion), amplifying selling pressure.
Currently, Bitcoin is trading within a crucial support range of $84,000–$92,000. This range serves as a pivot point for future price action. A sustained breakout above $92,000–$95,000 could prompt buying enthusiasm, potentially driving Bitcoin toward the much-anticipated $100,000 milestone. On the flip side, a dip below $84,000 could initiate further selling pressure and extend the correction phase.
The Long-Term Outlook Remains Strong
Despite recent fluctuations, Bitcoin’s long-term trend maintains its strength, with the price having rebounded from $83,000 to achieve new highs earlier this year. Analysts remain optimistic that the bull market could resume soon. However, cautious investors are keeping an eye on market sentiment and key technical levels.
Stay Updated on Crypto Trends
For those looking to stay up-to-date with the latest trends in cryptocurrency, platforms like Coinpedia provide insightful and timely updates. From price analysis to blockchain disruptions, you can find reliable crypto content created by experts.
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