The price of Bitcoin (BTC) has been under severe selling pressure by whales for the past two months as on-chain data reveals.
However, five key indicators are suggesting that major sellers are about to turn into hodlers or even accumulators of Bitcoin again while institutional demand remains high. This is an explosive setup that may send Bitcoin to new all-time highs in the near term.
Whales stopped selling
The number of whales, which are considered Bitcoin addresses with a balance equal to and more than 1,000 Bitcoin, declined by more than 10% since Feb. 8, is suggesting a large sell-off of Bitcoin.
While the price of Bitcoin managed to make two all-time highs during the two-months dumping period, the overall price rise has significantly slowed down with price finding strong resistance at around $60K. Since March 31, however, large holders of Bitcoin have stopped selling.
Bitcoin: Number of Addresses with Balance > 1k. Source: glassnode
Typical for sell-offs before a quarter-end is portfolio rebalancing by