Bitcoin price falls toward range lows, but data shows ‘whales going wild right now’
Traders say Bitcoin is at risk of a sell-off to $65,000, but one analyst says a key price metric shows “whales going wild right now.”
Bitcoin price extended its decline on March 28, falling for a fourth consecutive day to paint an intra-day low of $83,387. BTC’s (BTC) decline mirrored the Wall Street sell-off, where the DOW closed 700 points lower, alongside the S&P 500 index, which dropped 112 points.
The sell-off in equities is widely attributed to investors increasing worries over inflation after the core Personal Consumption Expenditures index data from February rose to 2.8% (a 0.4% monthly increase), which was higher than expected.
S&P 500 drops $1 trillion in market cap value. Source: X / The Kobeissi Letter
