The merge came and went, leaving BTC the same way it met it while altcoins recorded price changes. Data from Coinmarketcap shows Bitcoin currently trading at $19,998, with a 0.58% increase in 24 hours.
The price range in 24 hours moved from $19,400 to $20,021. There was a fall of 4.53% in trading volume to $29,493,141,493.
On-chain analysis shows that the bulls have not entirely taken control of the market. The bears are still the dominant force moving the market. There will obviously be a rally for Bitcoin in weeks to come.
Data from market analyst, Santiment, shows that there has been a rally in trading activities. From September 7th to September 14th, the selling pressure reached a new high. Over 1.69million BTC was moved from whales’ holdings to exchanges.
Santiment confirms this is the highest trading volume recorded ever since October 2021. A spike in this volume shows a downward trend; investors are selling. With this downward trend, Bitcoin might not see that anticipated bull run soon.
CryptoQuant reported that the reading from the Consumer Price Index United States saw a surge in the exchange platforms. A lot of dumping and sell-offs in this exchange. This sell-off caused a 10% drop in the price of Bitcoin.
CryptoQuant reported that most of the sell-off to this exchange was mainly from Coinbase to Huobi. There were also transactions made from a three-month-old whale wallet.
The Market Is Bearish
When whales buy bulk crypto assets and hold them, there is a positive trend in the market. At times like this, the one-chain metrics show a good time for investment and a bull run. The more holdings and buys, the better it does to the price.
However, when whales move large assets from their wallet to an exchange, there is a dip in price. This has been the case for days. Whales are selling off and moving their funds to exchanges.
This bear market has caused a lot of consolidation among investors, especially whales. Projections are made that BTC would still go down past the $17,000 mark. Investors are very intentional about playing it safe.
Investors lost a lot of money since the $69,000 dip because some believed it to go up to $100,000. However, that didn’t happen as it dipped severely. Investors are more cautious of trading and jump at every little opportunity to save profit and capital.