Cryptocurrency Market Tumbles Amid Whale Selling Reports

Bitcoin prices have fallen below $95,000 following unsuccessful attempts to reach $100,000. This downward move occurred amid reports that large bitcoin whales have deposited substantial amounts of the asset to Binance, potentially to realize profits. However, there is some positive news as well. Lookonchain, an on-chain analytics platform, observed a worrying move from a “giant” whale that had accumulated 11,657 BTC (valued at over $780 million) from March 14 until October 31 at an average price of $66,953.

With the cryptocurrency skyrocketing by about 50% from their average entry price, the anonymous whale deposited 1,000 BTC to Binance earlier today, potentially with the intention of selling and realizing some profits. In the following hours, BTC’s price slumped from over $98,000 to under $95,000 before recovering slightly to just over the latter.

Despite its minor bounce-off, the cryptocurrency still trades below $96,175, which popular analyst Ali outlined as a significant level that has to endure for the asset to continue its trajectory toward $100,000 and beyond. This is because over a million bitcoin addresses have accumulated more than 950,000 BTC at that average price, effectively turning it into a strong support.

Although BTC has dumped below the crucial $96,175 line, Glassnode’s Rafael said there’s still no need to panic, at least according to the relative unrealized profit metric. When it goes above 0.9, it shows when the market is overheated due to the large number of investors sitting on paper gains. Historically, such a number has resulted in immediate price corrections for the asset.

Currently, though, the metric is at 0.74, which is under the overheated levels seen in previous cycles. Consequently, Rafael concluded that “there’s room to run.”

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