- Bitcoin has been facing some immense selling pressure today that has caused its price to plunge below $30,000
- This was previously strong support for the crypto, and it is now testing the support it has at its multi-week lows of $29,000
- Where the market trends next will likely depend largely on whether or not buyers can continue defending against any imminent downside
- One startling trend seen on Coinbase is the disappearance of whales that had previously been supporting the price this morning
- An on-chain analyst explained that the heightened spot buying activity on Coinbase disappearing was a tell-tale sign that a deeper correction was imminent
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.
Bitcoin Struggles to Gain Momentum as Selling Pressure Mounts
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.
Coinbase Whales Stop Bidding as Price Declines
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.”
Image Courtesy of Ki Young Ju. Source: CryptoQuant.
Now that BTC is back above $30,000 and holding steady, these large buyers’ resurgence could help formulate this as a long-term bottom.
Featured image from Unsplash. Charts from TradingView.