Here’s Why Coinbase Whales Contributed to Bitcoin’s Sub-$30,000 Plunge
“Closed long here as Coinbase whales gave up to buy more BTC… Minus premium.”
Bitcoin has seen some incredibly lackluster price action as of late, with every large upwards movement being absorbed by bears while bulls do little to guard against downside.
The entire market has plunged today thanks to Bitcoin’s inability to hold above $30,000, and the selling pressure it has been facing shows no signs of letting up anytime soon.
One analyst explained in a recent tweet that Coinbase whales who had previously been supporting the price above $30,000 “gave up” and opened the gates for further losses.
At the time of writing, Bitcoin is trading down roughly 6% at its current price of $30,300. This marks a notable decline from recent highs of $33,000 that were set yesterday afternoon.
The crypto has seen a strong rebound from its $29,000 lows set just a few hours ago, with bulls now looking to stabilize above $30,000 and reclaim this crucial level as support.
If successfully flipped back into support, $30,000 could provide a strong base for the crypto to expand off of.
The fleeting break below $30,000 this morning appeared to come about right after Bitcoin whales on Coinbase stopped bidding.
This could be a sign of fear amongst large investors and led one on-chain analyst to close his long positions.
“Closed long here as Coinbase whales gave up to buy more BTC… Minus premium.”
Now that BTC is back above $30,000 and holding steady, these large buyers’ resurgence could help formulate this as a long-term bottom.
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