Bitcoin dip may not be over as whales sell into retail buying — a bearish signal

Analysis indicates that Bitcoin's recent price dip might not be over due to a divergence between large holders (whales) and small holders (retail). Whales, who accumulated between $62,900 and $69,600, began selling heavily once Bitcoin reached $74,000, offloading about 66% of their recent purchases. Concurrently, wallets holding less than 0.01 BTC have been increasing their positions as the price fell below $70,000, a pattern Santiment flags as a warning sign that the correction is ongoing. Further compounding this, Glassnode data shows about 43% of Bitcoin's supply is currently at a loss, creating selling pressure as holders try to break even. This dynamic, coupled with the Crypto Fear and Greed Index dropping to 12, suggests the market is stuck in volatility without net progress, leading to two potential outcomes: either selling exhausts and a breakout occurs, or retail buying capital dries up, leading to a test of the $60,000 floor. Current whale behavior suggests they are betting on the latter scenario.

(Source：CoinDesk)