The crypto market started the day with a drop, with the leading cryptocurrency Bitcoin (BTC) recording a loss of over 2% within the last 24 hours, dropping to trade levels around $26,800. Influenced by Bitcoin’s decline, the crypto market initiated the day on a negative note. CoinMarketCap (CMC) data indicates the total market value of the crypto ecosystem has shrunk to $1.12 trillion.
Crypto Market in Decline
Meanwhile, various crypto analysis platforms have released critical data, drawing attention to important metrics for evaluating the latest situation in the crypto market.
The selling pressure on the leading cryptocurrency Bitcoin has significantly increased in recent days, and BTC has again dipped below the $27,000 price levels. The on-chain data analysis platform, CryptoQuant, assessed the current technical outlook, suggesting that not just investors but miners have also been selling off in significant amounts lately.
Where is Bitcoin Headed Next?
Moreover, the crypto analysis platform Lookonchain pointed to large-scale transfers made in recent days by addresses referred to as ‘whales’ in the crypto ecosystem, which hold a very high amount of crypto assets in their portfolios. According to Lookonchain data, one address sent about 1750 BTC to the crypto exchange Binance yesterday, equivalent to approximately $48 million at current prices. Many analysts have expressed that if the trend of BTC inflows into crypto exchanges continues to increase, there might be a resurgence of strong selling pressure on Bitcoin.
