Bitcoin News

Bitcoin News: Whales Move Over 10000 BTC Amid Major Liquidation Risk Today

Bitcoin News: Whales transfers over 10000 BTC as massive Bitcoin options of $1.8 billion set to expire today, risking a major liquidation.
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Bitcoin News: Whales Move Over 10000 BTC Amid Major Liquidation Risk Today

Bitcoin News: Bitcoin price risks a massive fall today if it breaches the 22,000 level. BTC options with $1.8 billion value expire, with a Put/Call ratio of 0.66 and the max pain at $22,000. Similarly, Ethereum price could also tumble as ETH options with a relatively small $863 notional value expire, with max pain at $1600.

Amid the major liquidation risk today, whales have moved over 10,000 BTC. Whales Alert on February 24 revealed two transactions with 5000 BTC each moved to a different wallet. The platform also reported 1037 BTC, 999 BTC, and 2046 BTC moved by whales.

Bitcoin price currently trades at $23,858, down nearly 1% in 24hrs. The 24-hour low and high for BTC price are $23,693 and $24,177, respectively.

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Crypto Analyst’s Prediction Amid This Bitcoin Price News

Popular crypto analyst Michael van de Poppe noted that the U.S. Bureau of Economic Analysis data on the Core PCE Price Index today is the final data to watch. Core PCE MoM is expected at 0.4%. Anything lower will be positive for markets.

Also, traders need to keep an eye on the U.S. Dollar Index (DXY), which continues to move higher. The U.S. GDP for Q4 came in at 2.7%, slowing from 3.2% in the previous quarter. However, the weaker-than-expected economic growth news is expected to push the U.S. Federal Reserve to stick to a small rate hike in the next FOMC meeting on March 21-22.

According to Michael van de Poppe, the markets are still having a regular correction inside an uptrend. He suggests that as long as Bitcoin remains above $22K, it would be sufficient to expect continuation above $25K.

Bitcoin Price. Source: Michael van de Poppe

There hasn’t been a 3rd consecutive retest of $23.7K yet, but the BTC price is still holding above the Lower High resistance. If this price stability continues here, it indicates the price is slowing moving in the sell-side momentum against this new Lower High support.

Also Read: Ethereum Announces First Long-Standing “Holli (Holesovice)” Testnet To Solve ETH Supply Issues

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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