Over the weekend, Bitcoin experienced a downturn following a brief increase, exacerbated by actions from large players and a general market decline.
Impact of Whale Activity on the Market
The recent selling pressure was predominantly due to a large whale offloading over 24,000 BTC between August 16 and 24. This triggered panic selling among other traders.
Shift from Bitcoin to Ethereum
The selling trend has led to a significant shift towards Ethereum, with approximately $2 billion in purchases and $1.3 billion staked. Ethereum is currently trading at $4,712.
Support Levels and Liquidations
In the last 24 hours, a total of $667.49 million in liquidations occurred, with $507.36 million related to long positions. Analysts have identified that the nearest support zone is between $104,000 and $108,000.
The market continues to face volatility, and despite short-term rallies, significant selling pressure from large players and shifting interest towards altcoins remain prevalent.
