LONDON (IT BOLTWISE) – The Bitcoin market is under pressure as large investors, known as whales, move their holdings to trading platforms. Experts warn of a possible further price decline while the stability of the market is at stake.
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The Bitcoin market is currently experiencing a period of increased volatility, fueled by the behavior of large investors, also known as whales. These actors have transferred significant amounts of Bitcoin to trading platforms in recent days, resulting in noticeable pressure on prices. According to recent data, inflows on trading platforms reached over 9,000 Bitcoin on November 21, while the price on Coinbase fell to $80,600, its lowest level in seven months.
A significant portion of these inflows, around 45%, consisted of deposits of 100 Bitcoin or more, with large transfers of up to 7,000 Bitcoin recorded in a single day. These movements suggest that whales are not just shifting their holdings, but are specifically preparing them for sale. The average deposit size rose to 1.23 Bitcoin in November, the highest monthly value in a year, indicating strategic positioning.
In parallel, Binance saw record stablecoin holdings, which rose to $51 billion. This suggests that many traders are parking their funds in dollar-pegged tokens to wait for more favorable market conditions. This development shows that liquidity exists but is being held back in anticipation of a market turnaround.
Analysts warn that the recent recovery in Bitcoin price may only be a temporary pause. Some market observers expect that the price could fall to the $70,000-$80,000 range to clear out the last open interest. Resistance levels are seen at $92,000 and $101,000, which could be important during a possible rebound.
As the Bitcoin market remains under pressure, the usual correlation between Bitcoin and the Nasdaq index is beginning to weaken, with Bitcoin’s decline more pronounced in recent weeks. Ether and many altcoins also saw higher inflows on trading platforms, extending selling pressure across the entire crypto market.
A sustained recovery in the Bitcoin market would require either strong buying demand or a clear trigger that pulls funds parked in stablecoins back into risky assets. Until then, the market remains in a wait-and-see stance, with a short-term rally possible but a deeper decline still a possibility.
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