Bitcoin under $64000 – Watch these whales to look for reversal signs

  • Bearish sentiment remains dominant in the Bitcoin market
  • A Few Whale Measures and Actions Could Be Key to a Price Reversal

Bitcoin (BTC) the price fell below $64,000 again, raising fears of a further decline on the charts. Although several factors are at play, the aforementioned price correction could be due to the latest actions of the whales.

Bitcoin whales are taking advantage

Market bears stepped up their game over the past 24 hours as BTC price fell on the charts. According to CoinMarketCapBTC was down more than 2% at press time, with the crypto trading at $63,042 with a market cap of over $1.24 trillion.

This decline also had an impact on the social indicators of cryptocurrency. In fact, AMBCrypto’s analysis of Santiment data revealed that BTC’s weighted sentiment has entered the negative zone – a sign that bearish sentiment has retained its dominance in the market.

Weighted Bitcoin Sentiment Falls

Source: Santiment

Additionally, Phi Deltalytics, author and analyst at CryptoQuant, recently shared a analysis highlighting an interesting development, which could have been the reason for the latest BTC price drop.

According to the analysis, Bitcoin whale exchange flows have seen a notable increase.

The rise represents a substantial portion of overall exchange flows, indicating significant profit-taking by whales amid Bitcoin’s 2024 bull run. Looking at historical data, each time this metric has increased in the past, it has been followed by price corrections on several occasions.

Source: CryptoQuant

Will Bitcoin fall even further?

Since the price of BTC has already turned bearish, AMBCrypto checked its metrics to see if a new downtrend is bound to occur. According to CryptoQuant dataBuying sentiment was weak among US and Korean investors, with Bitcoin’s Coinbase and Korea Premiums also red.

The good news here is that after a spike on April 24, BTC exchange reserves started to decline – a sign that selling pressure on the king of cryptos was easing.

BTC foreign exchange reserve fell

Source: CryptoQuant

AMBCrypto’s observation of Glassnode data highlighted another bullish signal.

BTC’s network-to-value (NVT) ratio saw a sharp decline. To begin, the NVT ratio is calculated by dividing the market capitalization by the volume transferred on-chain measured in USD.

BTC’s NVT ratio has decreased

Source: Glassnode

Anytime the metric drops, it suggests an asset is undervalued. On this occasion, he indicated that the chances of seeing the price of BTC increase were high.

In fact, AMBCrypto recently reported that a well-trained AI model predicted that the price of BTC would reach $77,000 in the next 30 days.

Read Bitcoin (BTC) Price Prediction 2024-2025

AMBCrypto then analyzed Bitcoin’s daily chart to better understand whether an uptrend is likely to occur. The BTC Money Flow Index (MFI) recorded a slight rise and was still heading above the neutral mark. Its Chaikin Money Flow (CMF) was also well above the neutral mark of 0.

These indicators suggest that the BTC price chart could soon turn green again. However, the Relative Strength Index (RSI) looked bearish as it headed south.

Source: TradingView

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Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe.Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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