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Bitcoin needs to clear $51K to reduce the chance of new sell-off from BTC whales Bitcoin needs to clear $51K to reduce the chance of new sell-off from BTC whales
Business / Crypto

Bitcoin needs to clear $51K to reduce the chance of new sell-off from BTC whales

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Bitcoin (BTC) whales are the center of attention again this week as large transactions flow back to exchanges. Data from on-chain analytics platform CryptoQuant on Dec. 24 shows that relatively, whales are increasing their presence as potential sellers. Action stations as Bitcoin climbs to $51,000 According to CryptoQuant’s Exchange Whale Ratio indicator, the proportion of large inflows to exchanges out of total inflows is now at a one-year high. Inflows sped up significantly as BTC/USD rose to $51,000 overnight on Thursday, and the implication could be that large-volume investors plan to take profits at the top end of Bitcoin’s current range. “It is better to watch out until BTC breaks $51k levels,” one CryptoQuant analyst cautioned. “Once we surpass this level next significant resistance...