Bitcoin price shows a change in market behavior under the hood. According to crypto analyst Tony M, this is a sign that a market reversal could be imminent. Meanwhile, after Merge, there is a big change in Ethereum whale holdings.
“Bitcoin price preparing to move”
Crypto analyst Tony M analyzes the price action of the leading crypto as follows. The market has recently been down almost in a free fall. Therefore, Bitcoin price is trading around $19,000. The bears managed to hold the newly established decline at $18,540, which led to a 20% rally in the first week of September. However, the upward movement has reversed. Later, BTC price found a new low at $ 18,271. The drop was accompanied by an interesting change in market behavior behind the scenes.
Santiment’s Exchange Entry Indicator showed an increase of 620,000 Bitcoin tokens uploaded to all exchanges on September 19. This means that $11,879,200,000 Bitcoin is now liquid and ready to be sold at any time. To reiterate, 10% of the entire crypto market has been involved in all exchanges in the last 24 hours.
Historically, the indicator has led to a 20-30% correction before major bull runs occur. If history repeats itself, the next major drop for Bitcoin could really be the knife to catch.
Drop in Ethereum whale holdings
In line with the ETH price drop since the completion of Merge, whales have reduced their holdings. There has been a clear drop in whales’ ETH holdings, according to findings from market intelligence platform Santiment. ETH addresses holding $1k to $10k of ETH saw a 2.24% drop in their cumulative holdings, while those with 100 to 1k assets fell 1.41%.
As you follow on Kriptokoin.com, the price of ETH has dropped by as much as 15% in the last seven days. According to price monitoring platform CoinMarketCap, ETH is down 2.14% in the last 24 hours to trade at $1,315. From close to 20% market share among major cryptocurrencies, Ethereum’s dominance has now dropped to 17.79%. Meanwhile, the crypto market awaits another major technical upgrade on the Cardano network on Thursday.
Will Cardano Vasil Hord Fork repeat the script?
The Vasil Hard Fork upgrade will improve the functionality, performance, scalability and interoperability of the Cardano network. The network is ready for upgrade with 75% of main-net blocks created, 25 crypto exchanges upgraded, and top 10 DApps upgraded. According to analysts, ADA price is likely to fall after the Fed’s rate hike decision and the Hard Fork. However, analysts are predicting a later recovery followed by a price increase.