Bitcoin (BTC) whale activity has recently dropped to a one-year low, according to Santiment team. Therefore, it may not be consistent to expect sharp movements in the market soon. The fear and greed index, which lost 2 points in one day and fell to 25, also found itself in a state of “extreme fear”.
What levels does falling Bitcoin whale activity indicate?
Despite the superior dynamics of the altcoin market, a series of lower (LL) and lower high (LH) continues to form in Bitcoin. In early February, the upward move lost momentum as it broke above $45.5K. In the first days of March, the bears have already dominated $45,000, approaching $42.5k in the 8th month and have been trying to form a downside reversal from $41.5k in the past two days. At the same time, the bulls manage to establish strong support near $38,000.
FxPro analysts emphasize that in terms of technical analysis, BTC/USD remains close to its 50-day moving average, clearly showing that there is no trend at the moment. However, a consolidation in an descending triangle can often be interpreted as a break before the next decline. We can see this scenario implemented if BTC/USD stabilizes below $38,000. An alternative scenario and fresh upside momentum can be expected if the bulls manage to push the price above the previous $42.5K or close the day/week above $42,000.
News to consider
Galaxy Digital CEO Mike Novogratz, known for bullish predictions, has released yet another new analysis that sees BTC hit $500,000 in 2025. The Russian government has urged to accelerate the launch of the cryptocurrency to better bypass Western sanctions. Meanwhile, as we quoted as Kriptokoin.com, the Central Bank of the Russian Federation recommended that banks strengthen their control over customers’ operations related to cryptocurrencies.
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