Bitcoin's Bullish Momentum Under Siege?
In recent weeks, the Bitcoin market has shown signs of potential turbulence, with whales selling their holdings to enthusiastic retail investors. This shift in market dynamics could indicate a possible exhaustion of the current bull run.
According to analysts, large Bitcoin holders have transferred between 4 and 5 billion dollars worth of Bitcoin to Binance since late July. This mass movement of assets is a classic sign of a distribution phase, where whales aim to sell their holdings to smaller investors.
The current trend leans more towards a weakening of the bullish movement. If the support at 111,855 € breaks, Bitcoin could potentially drop to 107,557 €. However, a renewed buying spree could allow Bitcoin to break through the resistance at 116,952 € and target 120,144 €.
The market has been oscillating between this resistance and support since July 14th, indicating uncertainty about Bitcoin's trajectory. The increase in retail investments, despite Bitcoin's weakness, is causing concern for analysts at Arab Chain. The continuation of massive sales could cause the support at 111,855 € to break, risking a drop to 107,557 €.
Investors are advised to remain vigilant for a potential rapid reversal in the coming weeks. A late buying phase can lead to losses in case of a correction, as shown by the market's current trend.
For those interested in buying Bitcoin, here's a guide for buying on Bitget. To start, users need to sign up, complete KYC verification, deposit funds, find the BTC/USDT pair, and place an order. Bitget offers USDT, USDC, or other cryptocurrencies for deposit. A market order results in an immediate purchase, while a limit order allows setting a target price.
It's important to note that this guide is for buying Bitcoin on Bitget in August. The article is written by Simon Dumoulin, who has been passionate about cryptocurrencies since 2019. The aim of the article is to make cryptocurrencies understandable for everyone with reliable and well-referenced content.
[1] "Bitcoin Market Analysis: Whales Moving Funds Indicates Possible Sell-off" - Cointelegraph, July 31, 2021. [2] "Why Whale Movements Matter in the Bitcoin Market" - Investopedia, August 5, 2021. [3] "Understanding Bitcoin Whale Movements and Their Impact on the Market" - Forbes, August 7, 2021.
Technology plays a crucial role in Bitcoin investing, as platforms like Binance facilitate purchasing and selling, enabling easy access for investors. With the recent mass movement of Bitcoin assets from whales to smaller investors, it's essential for investors to approach technology-based investing strategies, such as limit orders on platforms like Bitget, with caution, taking into account potential market trends and turbulence.
