On-chain data suggests that Bitcoin whales have increased their selling activity, which could lead to a decline in the Bitcoin price. Bitcoin whales are large investors who may transfer their coins to central entities, including exchanges, for various purposes, one of which is selling. When the whales account for a significant portion of total exchange inflows, it indicates rising selling pressure. The indicator crossing the 0.90 mark has historically been bearish for Bitcoin, with 90% of the inflow coming from whale wallets. A chart displaying the 72-hour moving average exchange whale ratio shows that it has recently risen above the 0.90 level, indicating a significant increase in whale inflows. The author expects increased volatility and predicts a new local bottom for Bitcoin at the $31,000 to $32,000 range. This situation suggests that Bitcoin’s consolidation above $34,000 might change soon.
AI Sentiment: Negative