On-Chain Data Shows a Declining Amount of $1M+ BTC Transactions
- According to the post, the number of $1M+ BTC transactions has been declining since the end of March.
- At press time, the crypto market leader’s price is down 1.62%.
The crypto analyst who goes by the name Ali tweeted a snapshot of on-chain data from the Bitcoin network. According to the tweet, the number of $1 million or more Bitcoin (BTC) whale transactions has been trending down since 22 March 2023.
The trader added that this trend may have various implications for BTC. One such implication is the reduced trading activity among large holders. On the other hand, this trend may also be an early sign of market sentiment shifting according to Ali.
At press time, the market leader’s price stands at $28,010 according to CoinMarketCap. This is after the crypto printed a 24-hour loss of 1.62%. Fortunately, BTC’s weekly price performance remains in the green at +2.05%.
BTC’s price was unable to break the key $29K level over the last 24 hours, and was only able to reach a 24-hour high of around $28,711.42. Meanwhile, the crypto’s daily low stands at $27,680.79. There has also been an 11.45% reduction in BTC’s daily trading volume over the last 24 hours. As a result, BTC’s daily trading volume stands at $16,056,172,038.
Daily chart for BTC/USDT (Source: TradingView)
BTC had attempted a break above the $30K level on Sunday but was met with a flurry of sell volume to close the day’s trading session off at $29,233.21. This rejection from the $30K mark then caused BTC’s price to drop nearly 4% yesterday – dropping below the support at $28,600 in the process.
Currently, BTC’s price continues to trade below the $28,600 level, as well as the 9-day and 20-day EMA lines. Bears may continue to push BTC’s price lower in the next 24-48 hours with the hopes of breaking below the $27K mark as well. Bulls will need to defend the current minor support level at $27,845 to prevent this from happening.
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