Bitcoin network activity has also been slowing down, indicating a lack of potential for further price increases in Bitcoin.In the past two years, Bitcoin prices have been under strong selling pressure, while also falling by 3% to $35000
Bitcoin network activity has also been slowing down, indicating a lack of potential for further price increases in Bitcoin.
In the past two years, Bitcoin prices have been under strong selling pressure, while also falling by 3% to $35000. This indicates that Bitcoin has entered a strong pullback after hitting $37000 last week, making investors cautious about the current developments.
Key danger signals worth paying attention to in Bitcoin
According to reports, the recent selling pressure came from last week's significant cash outflows of Bitcoin whales. Popular cryptocurrency analyst Ali Martinez stated that Bitcoin Whale began profit taking on November 3rd, taking advantage of the opportunity for BTC prices to soar from $35000 to nearly $38000. During this period, over 15 wallets (each containing over 1000 BTCs) sold or redistributed their Bitcoin holdings.
On the other hand, Ali Martinez also pointed out that the speed of the Bitcoin network has been slowing down. The soaring price of Bitcoin, coupled with slower internet growth, has raised concerns, indicating a possible lack of momentum to sustain the upward trend. He added that this bearish divergence between Bitcoin prices and online growth is an on chain sell signal that traders should consider.
With today's price decline, Bitcoin has broken through the key support level of $36400. The next support level is at $36400, and breaking through this support level may result in further price adjustments to $30200.
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