• 29 May, 2024
Market News

Bitcoin Dips as Whale Deposits Millions on Binance: Bearish Trend Ahead?

Bitcoin markets are again seeing a dip in prices as a whale seems to have deposited a sizeable amount of Bitcoin onto Binance. The cryptocurrency market has been experiencing high volatility lately, and this unexpected deposit by the whale has fuelled speculations among traders and investors.

The whale, who remains anonymous, deposited 1,750 BTC, equivalent to around $48 million at the current market price, onto Binance approximately 30 minutes ago. The movement came after the same whale deposited 5,791 BTC valued at $163 million on April 21, leading to a 3% drop in Bitcoin’s price within five hours.

Although it remains to be seen what the whale’s intentions are with this deposit, analysts speculate that this could impact Bitcoin’s price soon. Whenever a large amount of Bitcoin is deposited, it could usually indicate a potential sell-off, and depending on how the market reacts, it could spark further selloffs.

Source: Tradingview

The current technical indicators suggest that the power balance is shifting toward sellers. The Balance of Power (BOP) indicator, which measures the strength of buyers relative to sellers, stands at 0.35. The BOP reading suggests buyers are still in control, but as the number approaches zero, the balance of power is shifting towards sellers. Meanwhile, the relative strength index (RSI) reveals the cryptocurrency to be in the neutral zone with a value of 56.

The four-hour chart’s moving average convergence divergence (MACD) indicator crossed the red signal line, confirming a bearish trend. The MACD, a widely used momentum indicator, measures the strength and direction of a trend and signals the start of new trends. The current signal suggests a potential bearish divergence.

Bitcoin’s price is continuing its recent trend of modest decline. Technical indicators suggest that traders and investors tread carefully until more information is available about the future of the cryptocurrency.

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