Bitcoin's Bullish Momentum Slows Down as Whales Continue to Show Confidence - COINTURK NEWS
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Bitcoin’s Bullish Momentum Slows Down as Whales Continue to Show Confidence

11:08 pm (36 days ago)
October 29, 2023

After a week of comfortable bull run, Bitcoin‘s (BTC) upward momentum has declined. This can be clearly seen from the movement of BTC price in the past 24 hours. However, while whales continue to accumulate crypto assets, they have shown great confidence in BTC.

Slower Rise in BTC

According to CoinMarketCap, Bitcoin managed to increase its price by more than 13% in the last seven days. This gave hope to investors that the price would continue to rise. However, the reality turned out to be different as BTC’s growth rate slowed down in the past 24 hours.

The price of BTC showed a less than 1% increase in the past day. Despite the slowdown in BTC’s growth, whales remained confident in the leading cryptocurrency. Ali, a popular crypto analyst, recently tweeted, revealing how whales have behaved in the past.

According to the tweet, whales bought BTC worth more than $1 billion in just the past five days, which could reflect their trust in the crypto asset. While whales have high confidence in BTC, the spot market seems to have a different view. This situation arose as the supply of BTC on exchanges exceeded the supply outside of exchanges.

Additionally, the increase in reserve currency may indicate that the token is under selling pressure at the time of writing. Despite the evidence of increased selling pressure, it is surprising that BTC’s liquidation remains relatively normal. According to Hyblock Capital’s chart, BTC’s liquidation level did not rise to a concerning level in the past few days.

Current BTC Metrics

Looking at Bitcoin’s social metrics, it is evident that negative sentiment about the crypto has increased in the recent past. According to LunarCrush, the mentions and bullish sentiment surrounding BTC on social media have significantly decreased in the past seven days.

Bitcoin’s trading volume has also decreased, which may reflect investors’ reluctance to invest in the cryptocurrency. Due to the recent pause in BTC’s value appreciation trend, price volatility has recorded a decrease in the 1w timeframe.

Derivative market measurements also appeared to be downward. According to Coinglass, BTC’s open positions increased while its price remained stable, indicating that this trend may continue. Moreover, BTC’s Buyer-Seller Ratio and Funding Rate were positive, suggesting that investors in the futures market bought BTC during a slowdown in price movement.

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