{"id":525136,"date":"2023-03-31T11:55:46","date_gmt":"2023-03-31T11:55:46","guid":{"rendered":"https:\/\/wncen.com\/?p=525136"},"modified":"2024-06-11T14:34:45","modified_gmt":"2024-06-11T14:34:45","slug":"bitcoin-investors-on-edge-as-whales-take-profits","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-investors-on-edge-as-whales-take-profits\/","title":{"rendered":"Bitcoin Investors On Edge As Whales Take Profits, Ending Price Rally"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin has been a wild ride for investors lately, with the world&#8217;s most valuable cryptocurrency breaking through the $29,000 mark, only to be swiftly rejected. However, on-chain data is now revealing a concerning outlook for the future of Bitcoin.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It seems that some traders and whales are cashing in following weeks of gains, which has sparked fears of an imminent decline. This development has left many investors concerned<\/span><span style=\"font-weight: 400\">, wondering whether this is just a temporary pullback or the start of a larger correction.<\/span><\/p>\n<p><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400\"> shows the current price of Bitcoin (BTC) is $27,779.40, down 3.6% in the last 24 hours. Despite the recent dip, Bitcoin&#8217;s 14-day increase is 10.1%, and the 30-day rally is 19.6%. This shows that Bitcoin&#8217;s overall trend is still bullish, but the recent pullback has some investors concerned.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/this-little-known-crypto-is-shooting-up-nearly-90-heres-why\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">This Little-Known Crypto Is Shooting Up Nearly 90% \u2013 Here\u2019s Why<\/a><\/div>\n<h2><strong>On-Chain Data Suggests Bitcoin Traders And Whales Are Selling<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In the past week, CryptoQuant&#8217;s Spent Output Profit Ratio <\/span><a href=\"https:\/\/cryptoquant.com\/asset\/btc\/chart\/market-indicator\/spent-output-profit-ratio-sopr\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> has surged above 1, indicating that certain traders and whales are cashing out after a period of steady gains. This can be seen in the rising count of hefty transactions that are transferring Bitcoin from exchanges to private wallets.\u00a0<\/span><\/p>\n<p>This indicates that some investors are taking their profits and transferring their digital assets to cold storage or off-exchange wallets.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> &#8211; What a lovely fakeout. This is why you don&#8217;t chase green candles <a href=\"https:\/\/t.co\/oJzrMoRi20\" rel=\"nofollow\">pic.twitter.com\/oJzrMoRi20<\/a><\/p>\n<p>\u2014 IncomeSharks (@IncomeSharks) <a href=\"https:\/\/twitter.com\/IncomeSharks\/status\/80422912?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 30, 2023<\/a><\/p><\/blockquote>\n<h2><strong>$29,000 Breach A &#8216;Fakeout&#8217;<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Bitcoin made a brief foray into the $29,000 territory on Thursday, only to experience what market participants have labeled a &#8220;<\/span><a href=\"https:\/\/twitter.com\/IncomeSharks\/status\/80422912\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">fakeout<\/span><\/a><span style=\"font-weight: 400\">.&#8221; This term is often used in the world of technical analysis to describe a false breakout &#8211; where Bitcoin&#8217;s price breaches a key level &#8211; only to swiftly retreat below it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Essentially, the fleeting incursion past the mark was an indication that the rally was not yet sustainable.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While this may have disappointed some investors who were hoping for a sustained move above $29,000, it is important to remember that Bitcoin is a highly volatile asset. It is not uncommon for the price to experience sharp pullbacks after extended periods of gains.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/cydFGb1M\/\" width=\"2047\" height=\"979\"><\/p>\n<pre style=\"text-align: center\">BTC total market cap currently at $539 billion on the daily chart at <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/5-biggest-losing-meme-coins-for-march\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">These Top 5 Meme Coins Are Bleeding As March 2023 Ends \u2013 Here\u2019s Why<\/a><\/div>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a><br \/>\nThe yellow dotted line indicates the beginning of 2023. Note the volume &#8211; the past 5 days are the weakest this year. Last time similar was observed in June 2022. Paradoxically, just before the drop from 30k. <a href=\"https:\/\/t.co\/JKtEpYhP6G\" rel=\"nofollow\">pic.twitter.com\/JKtEpYhP6G<\/a><\/p>\n<p>\u2014 Lukasz Wydra (@lukasz_wydra) <a href=\"https:\/\/twitter.com\/lukasz_wydra\/status\/76327936?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 30, 2023<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Adding to the air of caution, Lukasz Wydra, a prominent Bitcoin and crypto analyst, <\/span><a href=\"https:\/\/twitter.com\/lukasz_wydra\/status\/76327936\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">on Twitter<\/span><\/a><span style=\"font-weight: 400\"> highlighted that the current trading volumes are at their lowest for the year 2023. This is an ominous similarity to what occurred in June 2022, when a similar lull preceded the drop from $30,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">His message is clear: with the current state of affairs, investors should keep their wits about them and keep a close eye on market developments.\u00a0<\/span><\/p>\n<p><em>-Featured image from Virtualization Review<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been a wild ride for investors lately, with the world&#8217;s most valuable cryptocurrency breaking through the $29,000 mark, only to be swiftly rejected. However, on-chain data is now revealing a concerning outlook for the future of Bitcoin. It seems that some traders and whales are cashing in following weeks of gains, which has sparked fears of an imminent decline. This development has left many investors concerned, wondering whether this is just a temporary pullback or the start of a larger correction. CoinMarketCap shows the current price of Bitcoin (BTC) is $27,779.40, down 3.6% in the last 24 hours. Despite the recent dip, Bitcoin&#8217;s 14-day increase is 10.1%, and the 30-day rally is 19.6%. This shows that Bitcoin&#8217;s overall trend is still bullish, but the recent pullback has some investors concerned. Related Reading: This Little-Known Crypto Is Shooting Up Nearly 90% \u2013 Here\u2019s Why On-Chain Data Suggests Bitcoin Traders And Whales Are Selling In the past week, CryptoQuant&#8217;s Spent Output Profit Ratio data has surged above 1, indicating that certain traders and whales are cashing out after a period of steady gains. This can be seen in the rising count of hefty transactions that are transferring Bitcoin from exchanges to private wallets.\u00a0 This indicates that some investors are taking their profits and transferring their digital assets to cold storage or off-exchange wallets. #Bitcoin &#8211; What a lovely fakeout. This is why you don&#8217;t chase green candles pic.twitter.com\/oJzrMoRi20 \u2014 IncomeSharks (@IncomeSharks) March 30, 2023 $29,000 Breach A &#8216;Fakeout&#8217; Bitcoin made a brief foray into the $29,000 territory on Thursday, only to experience what market participants have labeled a &#8220;fakeout.&#8221; This term is often used in the world of technical analysis to describe a false breakout &#8211; where Bitcoin&#8217;s price breaches a key level &#8211; only to swiftly retreat below it.\u00a0 Essentially, the fleeting incursion past the mark was an indication that the rally was not yet sustainable. While this may have disappointed some investors who were hoping for a sustained move above $29,000, it is important to remember that Bitcoin is a highly volatile asset. It is not uncommon for the price to experience sharp pullbacks after extended periods of gains.\u00a0 BTC total market cap currently at $539 billion on the daily chart at TradingView.com Related Reading: These Top 5 Meme Coins Are Bleeding As March 2023 Ends \u2013 Here\u2019s Why #Bitcoin $BTC The yellow dotted line indicates the beginning of 2023. Note the volume &#8211; the past 5 days are the weakest this year. Last time similar was observed in June 2022. Paradoxically, just before the drop from 30k. pic.twitter.com\/JKtEpYhP6G \u2014 Lukasz Wydra (@lukasz_wydra) March 30, 2023 Adding to the air of caution, Lukasz Wydra, a prominent Bitcoin and crypto analyst, on Twitter highlighted that the current trading volumes are at their lowest for the year 2023. This is an ominous similarity to what occurred in June 2022, when a similar lull preceded the drop from $30,000.\u00a0 His message is clear: with the current state of affairs, investors should keep their wits about them and keep a close eye on market developments.\u00a0 -Featured image from Virtualization Review<\/p>\n","protected":false},"author":557,"featured_media":525142,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,19064,1122,4735],"class_list":["post-525136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-whales","tag-btc-price","tag-price-action"],"acf":[],"yoast_head":"\n<title>Bitcoin Investors On Edge As Whales Take Profits, Ending Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin has been a wild ride for 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Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Investors On Edge As Whales Take Profits, Ending Price Rally","url":"http:\/\/wncen.com\/news\/bitcoin-investors-on-edge-as-whales-take-profits\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-investors-on-edge-as-whales-take-profits\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/a-53.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/a-53.png?fit=649%2C450"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin whales","btc price","price action"],"dateCreated":"2023-03-31T11:55:46Z","datePublished":"2023-03-31T11:55:46Z","dateModified":"2024-06-11T14:34:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Investors On Edge As Whales Take Profits, Ending Price Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-investors-on-edge-as-whales-take-profits\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-investors-on-edge-as-whales-take-profits\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/a-53.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/a-53.png?fit=649%2C450\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin whales\",\"btc price\",\"price action\"],\"dateCreated\":\"2023-03-31T11:55:46Z\",\"datePublished\":\"2023-03-31T11:55:46Z\",\"dateModified\":\"2024-06-11T14:34:45Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/a-53.png?fit=649%2C450","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/525136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=525136"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/525136\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/525142"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=525136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=525136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=525136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}