The post Can Bitcoin Bulls Withstand the Re-awakening of Satoshi-era Whales? appeared first on Coinpedia Fintech News
Bitcoin (BTC) price has been rejected by two subtle and important resistances in the past 24-hours. The flagship coin attempted a rally towards retesting its all-time high on Thursday, but the gains were obliterated on Friday.
According to crypto data provided by Coingecko and TradingView, BTC price dropped 2.2 percent in the past 24 hours to trade at about $107,477 on Friday, July 4 during the mid-North American trading session.
Why Bitcoin Price Dropped Today
Bitcoin price experienced choppy volatility on Friday majorly caused by the re-awakening of the Satoshi-era whales. According to on-chain data analysis, Satoshi-era whales moved more than $8 billion in BTC in the past 24 hours.
The re-awakening of the old whales amid low demand, as Coinpedia reported, spelled bearish sentiment. Meanwhile, BTC price has suffered midterm bearish sentiment fueled by low speculative interest.
“The momentum of exchange volume has declined since early June, with the monthly average falling to $5.9B, about 7 percent above the yearly average of $5.5 billion,” Glassnode noted.
Midterm Expectations for BTC Price
In the weekly timeframe, BTC price has been retesting the resistance level around $109,396 since December 2024. Although the weekly Relative Strength Index (RSI) has been forming a bearish divergence, the odds of a bullish breakout cannot be overlooked.
Furthermore, BTC price could be forming a cup and handle pattern in the weekly timeframe, thus a breakout towards a new all-time high on the horizon.
In the daily timeframe, BTC price has been forming a falling trend, characterized by lower lows and lower highs. With the daily MACD indicator signaling declining bullish momentum, a potential retrace towards the lower border of the falling trend, below $101k seems likely.