Bitcoin and Cryptocurrency Prices Drop, Whale Prices and Sellers Increase

US markets are now closed again. We take a look at the live bitcoin price and the prices of the top 25 cryptocurrencies. Then we look at how the whales move the market and how the buying pressure diminishes. What does this mean for the price of bitcoin and cryptocurrencies in the short and long term?

We will of course start with the live bitcoin price and the prices of the top 25 cryptocurrencies.

Bitcoin Drops, Top 25 Cryptocurrencies See Correction

At the time of writing, the live bitcoin price is trading at €55,481.81 ($63,525.92). This is 1.47% lower than last night and also lower than when we made our cryptocurrency price forecast earlier today.

We also see a correction in the prices of the top 25 cryptocurrencies. Apart from the stablecoins, we only see Shiba Inu (SHIB) and VeChain (VET) writing green numbers at +2.49% and +1.69% respectively. The biggest dropout is Algorand (ALGO), which lost 5.515% in 24 hours. You can find everything on Tradeincrypto.com Live cryptocurrency price analysis.

Whales keep the market in their grip

For now, the market seems to be waiting for the whales to take action. We’re seeing some particularly big transactions come and go. We also see that bitcoin whales are very active. For example, on-chain metrics show that Bitcoin whale activity hasn’t been that great since 2017. Based on the average ratio of tokens transferred (the average number of cryptocurrencies per transaction), we see that whales are making many transactions that involve many different types of transactions. Cryptocurrencies are coins for every transaction. When activity is just as high as in 2017, we see that the number of coins per transaction has increased fivefold.

However, the money flow ratio (which shows the percentage of the network occupied by these large transactions) does not show a significant return. This means that most bitcoin whale transactions do not take place through an exchange and are therefore traded in the “over-the-counter” market. Analyst Ki Young Joo believes that these trades are made by increase Institutional investor interest. This could be a bullish signal for the price of Bitcoin.

This Ethereum whale is spinning around the stock market

This afternoon, there was a bit of confusion when $6 billion worth of Ethereum (ETH) was suddenly transferred from an anonymous wallet to crypto exchange Kraken. This is usually a bearish signal. Transfers from cold wallets to exchanges usually mean pre-sales announcements. With such an amount in the market, the price of Ethereum (ETH) will definitely be affected. Fortunately, the fork turned out to be different in the stem.

An investigation showed that it was related to a transfer from the Kraken cold wallet itself. This means that the cryptocurrency exchange apparently has very little Ether in its trading account stock, and has therefore decided to bring additional stock to the exchange to avoid supply shock. This is another favorable sign of the price of the cryptocurrency. At the moment, investors seem unaffected by neither the conversion nor the stock issue. The Current Ethereum Price It is $4,564.84. This is 0.65% less than it was yesterday and therefore is stable.

Bitcoin loses supply wall after $66,000 resistance

This morning, Bitcoin appeared to be heading towards $66,000, but that resistance turned out to be very spicy (so far). After that we saw investors taking their profits and a correction followed. This means that other investors are less interested in buying. We see this in the Bitcoin Fire chart. The so-called bidding wall has fallen (about $61,500).

This increases selling pressure. Therefore, analysts predict that the price of Bitcoin may drop to around $60,000 in the short term. This can be done without jeopardizing the bullish rally. Fulgens Yuya HasegawaThe bullish rally will continue as long as the bitcoin price remains between $58,000 and $69,000. According to him, then even outliers to $76,000 are possible. The current bitcoin price is $63,525.92 in this bandwidth.

Do you want to stay informed of the latest price developments?

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Note: We never provide financial advice, so you cannot interpret our contributions in this way. Always do your research and make rational decisions about whether to invest and when, what and how much to invest.