Bitcoin Whales Cashing Out? Ethereum’s Network Expands as Analysts Highlight BTC’s Price Trajectory

Data from Santiment, a crypto behaviour analytics firm, reveals a drop in the number of non-empty wallets over the past three days. Unlike the previous dip before the March 14th all-time high, traders seem to be liquidating their holdings, fearing further price declines. Meanwhile, Ethereum’s network has grown, with an increasing number of wallets.

According to Santiment’s tweet, Bitcoin holders have seen the biggest drop in three days in non-empty wallets since the period leading up to the March 14th ATH. However, unlike the previous situation, the current price slide appears to be prompting traders to liquidate their positions out of fear of further drops.

Ethereum’s wallet growth remains steady, unlike Bitcoin’s network. Despite Bitcoin’s bearish sentiment, Ethereum continues to expand with increasing wallet numbers. This divergence highlights the crypto market’s state.

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Bitcoin (BTC) Price Analysis

Crypto traders and analysts have been sharing their perspectives on Bitcoin’s price action. Rafaela Rigo, a top trader, suggests a potential bounce for BTC from the $64,000 – $64,500 range, targeting $68,000 – $68,500 as an exit liquidity level for selling. However, if Bitcoin fails to reach those levels, Rigo anticipates a further decline to $61,000 before a potential rebound.

Meanwhile, another analyst sees the current dip as a buying opportunity. El_crypto_prof views the current market conditions as potentially “the last good chance to add quality altcoins or Bitcoin to your bags.” The analyst emphasizes the narrowing gap between Bitcoin’s all-time high line and the uptrend line on the chart. Additionally, the analyst suggests shaking out weak hands to enable further upward momentum.

BTC Price Action

As of press time, according to price data from CoinGecko, BTC trades at $65,260.05, with a daily trading volume of $36,052,431,670.88. This represents a 0.79%  and a 2.4% decrease in value over the past day and weekly, reflecting the bearish sentiment surrounding the leading crypto.

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Samuel Munene
Samuel Munene

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