The post Bitcoin(BTC) Price On The Brink Of Falling Back To $35,000! Are Whales Gearing Up For Another Crash? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The crypto sphere is engulfed in darkness as the inflation rate in the U.S Soares to 7.9%. In addition, the fear of FED’s meeting approaching the horizon, with a hike in interest rates, haunts the community. The market capitalization of the industry is presently at $1.86 T. Which has seen a marginal difference of 0.1% over the day.
Conversely, the star crypto Bitcoin has been sailing through turbulent scenarios, which is evident in the price projections. The concerns revolving around PoW chains in the executive order has been the latest entrant to ails. While the folks spectate a rise in whale transfers. In the interim, proponent enlightens on the correlation betwixt the number of unique transactions and social volumes.
Are These Signals Hinting At The Call Of The Bears?
A proponent cites that, the number of unique BTC transactions daily for 30D, is in correlation to weighted sentiments. When the social volume is high, the number of circulating BTC also increases. Which can be interpreted as an opportunity to sell. The number of circulating BTC has been on a downfall since January 2021, which coincides with the lower Miner Position Index.
Successively, the proponent cites that the opportunity is areas, where the sentiment volume abates and the circulating BTC settles. He believes that we are close at the bottom, but will need the future markets to cool down. And that he is waiting for a deleveraging event and more liquidations.
Consequently, Bitcoin’s estimated-leverage ratio has been on a southward trek for a while. And the funding rates have been positive. That said, although short positions are risky, we cannot rule out the possibility. In contrast, according to Lunar Crush, social volume is down 13.6%, social engagement is -13.4%. Social dominance is -23.8%, and bullish sentiment is at -12.8%.
According to sources, in the past few hours, some large investors have borrowed 1500 BTC from Bitfinex for short positions. At present, a total of 3,063 BTC have been lent, of which most positions are non-hedging. However, if short-positions turn out to be true, we can expect the BTC price to head to $35,000.
Are Whales Up To Something Big?
Learning from Whale Alert, 9,867 BTC transfers were seen from Coinbase to an unknown wallet. Lark Davis says, three similar transactions have been seen on Coinbase, a couple of hours ago. And over a billion in BTC moved off-exchanges.
The gargantuan movement of BTC has struck curiosity amongst the masses in the crypto fraternity. Who is now pondering over the rationales around the transfers? The movement could be internal transfers or could be a major entrant to the business.
The price of BTC at the time of press is changing hands at $39,073.94, with gains of -0.6%. Whilst the market cap hovers around numbers at $741,670,981,903, the volume of trades around the clock is at $23,919,717,332. BTC price has been ranging in the 24-hours bandwidth from the lows of $38,347.07 to the highs of $39,721.07.
Summing, we cannot completely rule out the possibility of yet another crash. Which can take the BTC price to levels around $35,000 and below. That said, Bitcoin moving well over its 200D MA is what investors and traders are keen on. As it would contradict the presence of the bears.