Bitcoin Price Fluctuates After US Market Opens
Release: 2024/08/16 22:12 Reading: 732
Bitcoin Fluctuates Significantly After US Market Opens
Bitcoin's price experienced significant volatility following the opening of the US market, with swings exceeding $500. Large short positions on Binance faced strong buying pressure, leading to liquidations. Notably, historic news events have often emerged amidst such market activity.
Dogecoin Whales Signal Bearish Sentiment
DOGE has plunged to its $0.1 support level, reflecting a pattern seen in other altcoins. As prices approach local lows, selling pressure intensifies. Whales have also exhibited caution, with large DOGE transactions decreasing by 6% in the past 30 days, according to IntoTheBlock.
Transactions exceeding $10 million have similarly declined by 67%, indicating a negative sentiment among whales and potential double-digit losses for DOGE.
Declining Whale Activity Dampens Sentiment
A rise in large transactions typically suggests increased confidence and interest from major investors. Conversely, a decline in these transactions is often perceived as a sign of uncertainty and can lead to further price drops.
The ratio of Large Holder Net Flow to Exchange Net Flow has also weakened significantly over the past 30 days, corroborating the lackluster investor activity. Key investors, defined as those holding more than 0.1% of DOGE's supply, are contributing to the downward price pressure.
DOGE Price Prediction
Due to waning whale interest and weak buying momentum, DOGE may decline to its $0.08 support level. This would represent an approximately 20% drop from its current price. Notably, the previous drop to this level occurred during the market crash on August 5th, resulting in $1 billion in liquidations.
Conversely, if whale interest rebounds, DOGE could potentially reach $0.12. However, the direction of Bitcoin's volatility remains uncertain, and clear news catalysts are lacking at present.
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