Bitcoin (BTC) Price Teases Below $59K as Crypto Whales Flee the Volatile Market

The fear of further crypto capitulation in the short term is palpable after Bitcoin (BTC) price teased below $59k in the past 24 hours.

Bitcoin (BTC) price action remained largely bearish on October 11, with the flagship cryptocurrency trading below the 50-day Moving Average (MA) for seven days and the 200-day MA for 30 weeks. The total crypto market capitalization slipped around 2% in the past 24 hours.

Despite today’s Bitcoin price rebound above $60K, the flagship coin has consistently closed below the 50 and 200-day Moving Averages (MA) uncovering a significant bearish sentiment.

However

Crypto Whales Flee the Volatile Market

According to on-chain data analysis, more crypto whales have accelerated the rate of taking profit in the recent past, thus weighing down the overall crypto bullish sentiment.

For instance, Bitcoin whales have sold over 30k BTCs in the past three days, which is valued at nearly $2 billion.

On Thursday, the US spot Bitcoin ETFs registered a net cash outflow of over $109 million, which was mainly driven by Fidelity’s FBTC.

In addition to the expected $1.3 billion Ether selloff by the Chinese government, the Ethereum Foundation and the US spot ETH ETFs have also been actively offloading in the recent past.

On Thursday, the US spot Ether ETFs registered a net cash outflow of nearly $15 million.

Brace for More Bearish Volatility

Leverage use on #crypto exchanges just hit a yearly high, meaning more people are borrowing to make bigger bets. This can increase the risk of big price swings, so it’s important to be cautious!

pic.twitter.com/InUbp7g2x3

According to market data analysis from Cryptoquant, the use of leverage trading in the crypto space reached a yearly high, suggesting that more investors are making more bets. As a result, market analyst Ali Martinez is convinced of higher volatility in the near term for the entire crypto asset space.

Hey Bitcoiners

Are you familiar with the concept of "market analogs?"

Here is something to think about

It has been 30 weeks since $BTC made an ATH

Whenever has not made a decisive new ATH within this time length a 75% decline has occurred

pic.twitter.com/CUyK4C2W93

According to veteran trader Peter Brandt, the likelihood of further Bitcoin price drop, despite the Fed rate cut and recent gold pump, has significantly increased after remaining in bearish sentiments for 30 weeks.

The above is the detailed content of Bitcoin (BTC) Price Teases Below $59K as Crypto Whales Flee the Volatile Market. For more information, please follow other related articles on the PHP Chinese website!