tl;dr
Bitcoin experienced its largest correction since the Trump-induced rally three weeks ago, dropping from nearly $100,000 to under $92,000. Despite potential concern for newer investors, larger market participants, including whales and sharks, continued accumulating. CryptoPotato detailed Bitcoin's pr...
Bitcoin experienced a significant correction, dropping from nearly $100,000 to under $92,000, sparking speculation on short-term retracement and the continuation of the bull rally.
Jordan Lyancev, Assistant Editor-in-Chief at CryptoPotato, offered analysis on Bitcoin's recent price developments and the accumulation trend among larger investors.
Bitcoin's largest correction since the Trump-induced rally three weeks ago saw it dropping from almost $100,000 to under $92,000. Despite potential concern for newer investors, larger market participants, including whales and sharks, continued accumulating. CryptoPotato detailed Bitcoin's price developments since November 6, when it was below $70,000, and reported on its rally to nearly $100,000 on Friday. While the community anticipated further growth, the asset reversed direction and saw a significant correction at the start of the business week, dropping to $91,500. Analysts speculate on further retracement but note that larger investors have been accumulating, indicating no immediate need for panic. Santiment's data shows that wallets with at least 10 BTC accumulated over 63,922 more coins worth $6.06 billion in November alone, suggesting a lack of panic among larger investors.
Bitcoin went through its largest correction since the Trump-induced rally began three weeks ago, plunging from almost $100,000 on Friday to under $92,000. While such a retracement could scare newer investors who have yet to realize BTC’s volatility, larger market participants, such as whales and sharks, continue their accumulation spree. CryptoPotato reported all the price developments around bitcoin ever since November 6 when it became known that Donald Trump will be the next US president. At the time, the largest cryptocurrency stood below $70,000 but went on a mind-blowing rally that saw its price add over $30,000 in weeks to peak at just shy of $100,000 on Friday. As the community was anticipating another minor push that could help BTC break into six-digit territory, the asset reversed its trajectory and started to lose traction. It fell to $98,000 and $96,000 during the weekend, but the most substantial correction transpired at the start of the business week. Earlier today, BTC slumped to $91,500 (on Bitstamp), thus losing roughly eight grand since the Friday rejection. Analysts are now speculating on whether the worst has passed, with some on-chain metrics indicating a potential further retracement in the short term but an overall continuation of the bull rally. Nevertheless, data from Santiment shows that larger investors – referred to as whales and sharks – have been accumulating hard in November, adding over $6 billion worth of BTC to their stash. Consequently, the analytics platform concluded that there’s no need for panic yet.
"Is it time to panic after Bitcoin has opened the week with a mild retrace below $95K? Whales and sharks certainly don’t think so. In November alone, wallets with at least 10 BTC have now accumulated 63,922 more coins (worth $6.06B). As long as they continue moving their…"
- Santiment (@santimentfeed) November 25, 2024
Tags: Bitcoin (BTC) Price, Bitcoin Whales