Will Bitcoins [BTC] rally fizzle out as short-term profit-taking resumes?
Despite the higher exchange outflows, we should also establish whether the ongoing selling pressure has enough momentum. An assessment of whale activity is a great place to start since they have a substantial impact on price action. Glassnode data revealed that whales have been accumulating since mid-October. The latest data further revealed that the number of addresses holding at least 10,000 BTC soared to a new monthly high. Addresses holding less than 10,000 BTC but over 1,000 BTC dropped by 1 address as per the latest analysis. The above findings suggested that Bitcoin may not be experiencing substantial selling pressure from whales. But where is the selling pressure coming from? Well, as noted earlier, the market has been shifting in favor of a long-term focus. Such an outcome is bound to encourage more people to execute leveraged long-term trades. Leveraged liquidations could thus be contributing to the ongoing selling pressure. Seu portfólio é verde? Confira a Calculadora de Lucro Bitcoin Additionally, market data revealed that long liquidations soared above $200 million in the last 24 hours. The cumulative potential liquidation peaked at $7.16 billion. Note that this only represents data on Binance. A dip in the level of leverage was observed after the pullback. However, the







