The post Bitcoin Price Grapples at $30,000; Is This the Beginning of Another Consolidation Phase? appeared first on Coinpedia Fintech News

After undergoing a notable rise in the past couple of days, the bulls appear to have drained heavily. Hence, the BTC price has dropped below $30,000 but continues to trade close to the resistance. With the recent upswing, Bitcoin experienced the second largest profit taking, with over $537 million in profits squeezed. Prior to this, huge profits were extracted in April 2023, following which the Bitcoin price dropped by over 20%.

Coinpedia reported earlier that the Bitcoin whales have shifted to active mode. They accumulated heavily as soon as the price soared above $30,000. Hence, the possibility of the whales selling ‘greed’ emerges, as they tend to buy out at ‘fear’. Currently, market sentiment is greedy, as the Fear and Greed index stands at 65.

Therefore, there is a huge possibility of whales extracting their profits, which may have dragged the price lower. However, although the price witnessed a notable drop, the Bitcoin SOPR continues to remain within the profitable range.

As per the data from Glassnode, the Bitcoin SOPR has returned to a profit-driven regime, recording an equilibrium position to a value of 1.09. The rise in the levels within the positive zone indicates the investor’s fund is in the profitable zone as a strong reclamation of a profit-driven trend was witnessed in the past few days.

Besides, the realised profit and loss ratio has rebounded from the equilibrium position, suggesting the profits are being accumulated. Hence, considering all the technicalities and on-chain data, it is quite obvious that no particular event has led to the current pullback.

Therefore, a rebound in the near time is imminent as the current pullback could be a relaxation period for the bulls who may begin to utilise their strength and propel the Bitcoin (BTC) price above $35,000 soon.