Who sells and who buys Bitcoin?
Introduction
According to information recently published on the CointeleGraph
portal, after BTC fell to $82,000 it triggered a series of purchases by retail investors that have somehow managed to keep the price action above $85,000.
Now, one point to note is that the whales have been executing programmed sell-offs every time Bitcoin pulls back to support lines established in previous months, and that we were not supposed to see BTC in this price zone again..
According to socialized data, after the main cryptocurrency touched $79,000 the number of Bitcoin addresses with less than 1 BTC has increased in the face of a 30% price correction.
In contrast to Bitcoin addresses with less than 1 BTC, Bitcoin wallets with estimated balances of 10,000 BTC did little to support the upward movement, revealing that it is retail investors who are doing their best not to let the Bitcoin price fall.
From my perspective, even though I have always been optimistic about Bitcoin's bullish behavior, the fact that whales are selling without supporting bullish moves denotes a frank weakness that may trigger the start of a downtrend.
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Source: InsideBitcoin.
