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Bitcoin faces whale exodus at $108K — Where does this leave retail?
As the cryptocurrency market continues to navigate unpredictable waters, a significant trend has emerged in the world of Bitcoin. The digital asset has recently rebounded from its June 23rd low near $99,700 but seems to be facing an uphill battle as it approaches the critical resistance level of $108,000.
According to recent data, traders are increasingly loading up on shorts, while whales appear to be vanishing from the market. This shift in sentiment has significant implications for retail investors, who have been driving the market narrative. AMBCrypto analysis suggests that if this bearish pressure persists and whales continue to stay sidelined, Bitcoin could potentially slip back towards the $100,000 zone.
The data paints a grim picture for those who have bet on the digital asset’s continued upward momentum. In the recent past, the cryptocurrency has repeatedly faced rejection at the $108,800 mark, sparking sharp pullbacks in the process. The Stochastic RSI now displays bearish signals, with the %K line having fallen below the %D line and still above the 80 mark – a clear indication of overbought conditions accompanied by weakening momentum.
Further examination reveals that derivatives platforms like Binance and OKX are witnessing a surge in short positions taken out against Bitcoin. As of June 30th, Binance’s Long/Short Accounts ratio had dipped to an alarmingly low 0.61, with only approximately 37.97% of accounts holding long positions. In stark contrast, OKX saw its own Long/Short Accounts ratio plummet even further to a minuscule 0.59.
These numbers convey a clear message – the majority of traders on these platforms believe Bitcoin’s price will decline in the near term. Furthermore, Binance recorded daily trading volumes totaling $13.05 billion, while OKX clocked in at $6.62 billion. The confluence of rising short interest and increasing volumes amplifies the risk of a downturn.
Whales, typically known for their significant trade volumes, have seemingly exited their positions en masse. Open Interest has plummeted to a staggering $34.7 billion as of June 30th, while Futures Average Order Sizes have also suffered a precipitous drop. These figures underscore the drastic reduction in whale activity and suggest that retail investors are now firmly at the helm.
As Bitcoin’s price teeters on the cusp of this critical resistance level, it is crucial for investors to re-evaluate their positions and adapt to the shifting market landscape.
Source: ambcrypto.com
