Whales redistributed 100,000 Bitcoin in the past 48 hours, while miners keep selling $BTC. ali_charts
Bitcoin, the flagship cryptocurrency, has been plunging over the past two weeks, following the collapse of FTX exchange and its co-founder and CEO Sam Bankman-Fried, who tried to bail out affiliate trading company Alameda Research using the funds of FTX customers as collateral.He then filed for bankruptcy on behalf of the company, the exchange and himself. This struck a painful blow against Bitcoin and the whole crypto space.
At press time, Bitcoin is changing hands at $16,551. Besides, the FTX insolvency has dented the situation with crypto exchanges, which had already been suffering from lack of trust, but now users have started withdrawing their funds from CEXes and DEXes en masse., showing that BTC has hit a"sustainable supply wall" between the levels of $16,600 and $17,060. A massive 800,000 Bitcoins were previously bought by roughly 950,000 wallets at these levels.
Now, Bitcoin needs to overcome this resistance barrier in order to reach higher price levels, the analyst believes.Bitcoin miners keep dumping BTC Miners continue a hard sell-off of their Bitcoin, according to another tweet ин Ali. Bitcoin miner reserves, according to a chart he shared, have hit a nearly-one-year low of 1,853,425 BTC.
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