Bitcoin, the world’s largest cryptocurrency, recently plummeted to a two-week low of $57,701, sparking concern within the crypto community amid significant whale transactions.
Bitcoin Price Decline
Bitcoin recently hit a two-week low of $57,701, fluctuating between $57,768 and $59,896. Over the past seven days, Bitcoin has seen a 7% decline, while its 24-hour trading volume has decreased by 9%.
Whale Activity
A significant transaction involved moving 2,364 BTC, valued at approximately $140 million, into Binance. This was followed by other notable movements: 900 BTC ($53.2 million) and 1,100 BTC ($65.1 million) were transferred from unknown wallets to Binance, while 1,783 BTC ($106 million) moved between unknown wallets.
ETF Impact on the Market
Negative ETF inflows further contribute to a bearish trend. On August 30, Bitcoin spot ETFs saw a total net outflow of $176 million, marking four consecutive days of outflows. GBTC recorded an outflow of $70.223 million, while ARKB experienced a $65.05 million outflow. The total net asset value of Bitcoin spot ETFs now stands at $53.775 billion.
If bullish momentum returns, Bitcoin could encounter resistance at $62,748 and $65,018. However, sustained bearish sentiment could push the price down to $57,452, with potential support at $56,090. Traders and investors are closely watching for signs of either continued strength or potential reversals in the near future.
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