- Bitcoin holds above the 100-day moving average while whales go on a selling spree.
- Ethereum presents a sell signal shortly after making a new all-time high.
- Ripple’s legal issues in the U.S. continue driving XRP’s price.
Share this article
Bitcoin, Ethereum, and XRP faced a bearish market this week. And while some investors have already bought last weekend’s dip, prices continue to fall without any considerable support ahead.
Bitcoin Holds Above Thin Support
Investors are trying to catch a falling knife. More than $1.25 billion worth of long BTC positions has been liquidated across the board in the past 24 hours.
Despite the blowout, Bitcoin’s drop shows no signs of stopping.
Losing the 50-day moving average as support on Apr. 18 for the first time in seven months marked a turning point for Bitcoin’s uptrend. Since then, the flagship cryptocurrency has dropped another 15.30% and is trying to hold above the 100-day moving average at the time of writing.
Increased downward pressure in the spot markets could be disastrous as the next crucial demand wall is represented by the 200-day moving average at $35,000.
Bitcoin’s supply distribution chart adds credence to the pessimistic outlook. The number of addresses with 1,000 to 10,000 BTC dropped by 0.37% in the past 48 hours. Roughly eight whales have left the network within such a short period.
The recent decline in the number of large investors behind Bitcoin may seem insignificant at first glance. However, when considering these whales hold between $50 million and $500 million in BTC, the sudden spike in selling pressure can translate into millions of dollars.
Despite the grim scenario, the Market Value to Realized Value (MVRV) suggests that Bitcoin has dropped into the “opportunity zone.” This fundamental index measures the average profit or loss of addresses that acquired BTC tokens in the past month.