Bitcoin whales just unloaded a fat stack of 110,000 BTC in profits right after that savage August pump, and things are getting spooky cute with potential corrections ahead 😈.
BTC Profits Cashed Hard 🌑
The wild run that kicked off August 19 below $65,000 rocketed the king coin near $80,000 in a blink. Holders locked in net profits of 23,000 BTC on August 21 alone, the biggest single day this year 🖤. The asset dipped after the insane jump but clawed back up, blasting past $82,000 before getting rejected on the US jobs news and now hovering under $80,000 💎.
This kind of heavy profit taking screams a bullish cooldown but warns that if it keeps raging, a bigger drop might be lurking. Old patterns show BTC dumping hard when holders lose faith in the moon mission 📉.
“It is a hallmark of a bullish cooldown: bullish because it happens into strength, cautionary because concentrated realization can cap near-term upside,” the report notes.
Demand Getting Frosty ✨
Spot demand spiked super fast by 43,000 units earlier but now it’s contracting again, adding extra sell vibes 🔮. US buyers are pulling back too as the Coinbase Premium slipped to -0.05. Similar soft patches have already capped rallies three times this year 👀.
Still the bigger picture feels constructive with the Bull Score at 70, above the 60 mark for healthy bull phases. Bitcoin is chilling in the early stages of a fresh bull run even as short term momentum fades 🦇. The real bull phase locks in once price closes above the 365 day MA around $83,000 🕸.
Just another echo from the void by iconofsin.eth 💖
