Bitcoin suffered a harsh decline this week. The price drew below $ 80,000 from $ 95,700. Great investors, ie whales, made huge BTC sales by taking advantage of the uncertainty in the market. This makes it difficult for Bitcoin to recover. So, what’s next?
Why do Bitcoin whales sell?
Wallets with 10 or more BTC sold a total of 6,813 Bitcoin in the last week. The market value of this amount is approximately 540 million dollars. This has been the largest wave of sales since last July and strengthened the downward trend.
However, the effect of whales on the market is great. They can usually change the direction of the price by re -purchasing at low prices. If these sales are part of a strategy change, the re -purchase of whales in the coming days may support Bitcoin.
New investors are experiencing great losses
In recent days, a large amount of damage has occurred in the Bitcoin market. A total of $ 2.16 billion lost between 25-27 February. 42.85 %of these losses, ie 927 million dollars, only one day.
Especially new investors became the most affected group. Great damages damage the confidence of the market and deterred new entries. If this trend persists, Bitcoin’s recovery may take longer.
Critical levels for Bitcoin price
Bitcoin is currently trading at $ 79,539 and has lost $ 80,313 support. If the decline persists, it is possible to test the $ 76,741 level. This level is an important point that the price has leaned in the past.
However, if the sales pressure increases, Bitcoin may decrease to $ 71.529. This scenario can put more pressure on the market. In order to begin the rise, the BTC must first reclaim $ 80,313 and then turn to $ 85,000.
What do you need to recover Bitcoin?
In order for Bitcoin to rise again, market confidence must be recovered. The re -purchase of major investors may reduce sales pressure and ensure that the price is recovered. Furthermore, it may be a critical turning point to exceed $ 80.313. If the BTC exceeds this level and progresses to $ 85,000, investor confidence may increase and a new wave of rise may begin in the market.
