The world’s largest digital asset is down for the sixth day in a row, with the token down about 20% in the last seven days. Bitcoin’s price has dropped by half since November’s high, to $32,970 on Monday, the lowest level since July.
Based on its RSI score of 19, the Bitcoin selloff has driven it to the most oversold level since March of 2020. Bitcoin is anticipated to surpass $30000 in the near future, where some analysts believe it will find a floor.
At the time of writing, Bitcoin is trading at $36,167 up by 3.5% in the last 24 hours. The token has traded in the range of $33,064.80 – $36,705.51. The resistance on the upside is at $38000 and the support is at $35000.
What Are the BTC Whales Doing?
As Bitcoin (BTC) trades near $30,000, Morgan Creek Digital co-founder Anthony Pompliano is looking at key on-chain measures to see if whales are already accumulating the flagship crypto asset.
Pompliano tells his 337,000 YouTube viewers in a new Best Business Show episode that Bitcoin whales have mostly stood on the sidelines throughout the recent severe drop, which saw BTC lose over 50% of its value in two months.
There are still a lot of big purchasers out there. The on-chain whales, those with more than 1,000 Bitcoin, are just not buying in any meaningful sense. It’s basically just moving in the wrong direction. So, despite the fact that the price fluctuates, we are still witnessing a sideways movement.
According to the Bitcoin bull, whales must begin consuming BTC in order for its price to begin rising. Pompliano is particularly interested in the net realized profit/loss indicator, which measures whether Bitcoin holders are selling at a profit or a loss. The capitulation period of Bitcoin, according to the Morgan Creek CEO, appears to be coming to a conclusion.