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Favored Bears: Analyst Eyes $26K

After CryptoQuant’s Exchange Whale Ratio hit 0.87, a level last seen when BTC dipped to its yearly open at $28,956, the price of bitcoin might be due for another correction. While Bitcoin did see a surge yesterday as the price pumped to $34,800, the surge was met by holders waiting to sell their BTC. This sell-off is getting accelerated as many whales are migrating their holdings into exchange wallets to take profits.

Bitcoin’s price action as of late has greatly favored bears, with bulls being unable to generate any significant momentum. At 7:28 PM GMT press time, the cryptocurrency was trading at $32,156, losing 4.4% in the last 24 hours.

Bitcoin and the entire crypto market have seen some mixed price action as of late, with bulls and bears both being wholly unable to gain a firm grasp of its mid-term trend. Overall, the price action has favored sellers, with BTC’s bounces growing weaker and weaker as buyers move to the sidelines.

Whales are selling off

The chart below shows a metric developed by CryptoQuant and is the ratio of the top-10 transactions to the inflows. In bear markets, this value is usually above 0.85 while in bull markets, it is typically below 0.85.

cryptoquant chart on whales

The value for the same had hit 0.87, a finding that indicated that exchanges are seeing BTC inflows from top-10 transactions, suggesting that the whales want to sell/take-profit here.

Bears continue to triumph

Bitcoin is currently trading at a notable decline from daily highs of over $34,500 set just a couple of days ago.The sharpness and severity of the slide from these lows suggest that bears have control over the cryptocurrency’s price action. It also indicates that BTC may need to see further downside before its uptrend can continue.

One analyst spoke about Bitcoin’s failed attempt to confirm a swing low, explaining that this is a bearish occurrence compounding the weakness brought about by a bear flag. He is now watching for a move to $26,000. He said:

BTC tried yesterday to form a confirmed Swing Low, but failed. That’s bearish for now. Starting to bear flag again, opening the door for that move towards a mid-60day cycle low. Daily close above $33,850 bullish

Bitcoin’s price is unlikely to hit $50,000 anytime soon. However, a retest of $40,000 might be possible in exceptional cases. What seems likely, therefore, is a retest of the yearly open at $28,956. Where the market trends next will undoubtedly depend on Bitcoin and its continued reaction to the key support that exists right around where it is currently trading at $32,000 and $30,000.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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