- Bitcoin slipped below $65,000 – and even long-term investors are no longer playing along. Onchain data suggests that the first have started selling or moving their BTC to exchanges.
- The last Bitcoin weekly closing price below $65,000 was the last straw. His undershooting has aautomated sales were triggered, which briefly pushed the price down to $64,000.
It is little consolation that the price drop to $64,000 was triggered less by substantial new facts than by technical factors and position adjustments. In any case, the behavior of large investors is beginning to change.
What is striking is the increase in Bitcoin exchange inflows from particularly bulging wallets. Such transfers are seen as harbingers of selling rounds and increase downward pressure. At the same time, several on-chain indicators show that investors who have held their coins for at least a year are increasingly taking profits. This is seen as a sign that a large part of this group does not expect a quick price recovery. Exceptions prove the rule.
The economy and geopolitics are not very helpful
Apart from the price decline, risky assets are having a harder time anyway. Potential new trade barriers, weak economic activity and geopolitical tensions are making investors cautious. Bitcoin often reacts in such phases as what it is: a highly volatile technology asset – and in times of uncertainty they are sold off faster than anything else.
Mood reminds of forgotten scenarios
The crypto industry sentiment index has fallen to one of its lowest levels in months. Many analysts see the reason why a large proportion of investors threw in the towel was the unusually high sales of long-term investors.
Some observers now expect further lows to be reached in the range between $50,000 and $52,000, while others expect it to stabilize above $60,000. Optimists would be satisfied with reaching the $65,000 mark again – for now anyway.
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