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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/whales-accumulate-btc-despite-market-fluctuations/" data-wpel-link="internal">Whales Accumulate BTC Despite Market Fluctuations</a> 
<a href="https://en.coin-turk.com/exploring-bitcoins-price-trends-and-market-dynamics/" data-wpel-link="internal">Bitcoin</a> (BTC), despite new transfers of over 13,000 BTC from a Mt. Gox-labeled address to exchanges, continues to hold above key support levels without causing significant market turmoil. Despite previous instances where such transfers triggered notable price drops, the market’s response this time has been relatively quiet, indicating increased resilience among market participants. The accumulation by whales particularly supports this increase in resilience. 
<h2 style="text-align: justify" id="strong-whales-continue-to-accumulate-btc-strong">Whales Continue to Accumulate BTC</h2> 
In recent weeks, large-scale Bitcoin investors, known as whales, have been actively accumulating more BTC, contributing to the market’s stability. According to Santiment data, wallets holding between 100 and 1,000 BTC have collectively added approximately 94,700 BTC to their holdings over the past six weeks. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-381696" src="https://coin-turk.com/wp-content/uploads/2024/08/Bitcoin-Balina.png" alt="" width="1600" height="950"> 
The accumulation of BTC by whales indicates strong confidence in the <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener" data-wpel-link="exclude">future</a> price potential of the largest cryptocurrency, even as new investors struggle with market fluctuations. 
While broader market sentiment remains optimistic, Bitcoin’s price is largely moving within a narrow trading range. Despite bullish indicators, the current consolidation phase continues, and the crypto king struggles to surpass $60,000. The current price hovering around $59,500 reflects the cautious approach of market participants. 
<h2 style="text-align: justify" id="strong-short-term-investors-pressure-the-price-strong">Short-Term Investors Pressure the Price</h2> 
Interestingly, a significant portion of the selling pressure appears to be driven by <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">short-term investors</a>, particularly those who entered the market in early 2024. Data from Glassnode shows that when Bitcoin’s price falls below $50,000, these investors quickly liquidate their holdings, often triggering what is known as ‘panic selling.’ The Market Value to Realized Value (MVRV) ratio for Short-Term Holders (STH) falling below 1.0 signals prolonged losses and potential sales. 
Despite current challenges, the overall market stability suggests that the downward trend may not be as strong as before. Ongoing whale accumulation and the limited impact of large BTC transfers are positive signs for the market. If Bitcoin manages to surpass and maintain levels above $65,000, a more pronounced and sustained upward trend could emerge, attracting fresh liquidity to the market. As a result, the downward momentum could further diminish. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/whales-accumulate-btc-despite-market-fluctuations/" data-wpel-link="internal">Whales Accumulate BTC Despite Market Fluctuations</a></h5>
The post <a href="https://en.coin-turk.com/whales-accumulate-btc-despite-market-fluctuations/" data-wpel-link="internal">Whales Accumulate BTC Despite Market Fluctuations</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Whales Accumulate BTC Despite Market Fluctuations

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