Bitcoin has been moving back and forth along the line between $22,500 and $23,500 with bears increasing their efforts over today’s trading session. The cryptocurrency has seen an increase in selling pressure from BTC whales. Related Reading: This On-Chain Indicator Suggests Bitcoin Still Only 1/3rd Into Bear Market At the time of writing, Bitcoin (BTC) trades at $22,900 with a 2% profit in the last 24 hours and a 4% loss over the past week. In the top 10 by market cap, BTC is lagging while Ethereum, Binance Coin, Cardano, and Polkadot managed to remain in the green with profits over these periods. Data from Material Indicators, shared by a pseudonym user, signaled a shift in market dynamics for low timeframes. As seen below, Bitcoin investors with selling orders of around $100,000 to $1 million have begun offloading their coins into the market. A whale who want to get out was/is controlling the market. Purple ($100k – $1M) made these steps 👇 1. Bids below to support price 2. Market buying to drive price up 3. Price got pushed up into asks 4. Heavy market selling 5. Bids below are erased Data by @Mtrl_Scientist pic.twitter.com/XY8fezFHyd — Maartunn (@JA_Maartun) August 5, 2022 As a result, BTC’s price has been losing momentum and could see further losses if these investors continue to exercise pressure over the coming days. An analyst at Material Indicators noted that investors with these orders (purple on the chart abov...
