{"id":384805,"date":"2024-04-16T15:30:43","date_gmt":"2024-04-16T10:00:43","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=384805"},"modified":"2024-04-16T14:00:54","modified_gmt":"2024-04-16T08:30:54","slug":"tracking-bitcoins-next-move-should-you-prepare-for-a-drop-to-56k","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/tracking-bitcoins-next-move-should-you-prepare-for-a-drop-to-56k\/","title":{"rendered":"Bitcoin&#8217;s next move: Should you prepare for a drop to $56K?"},"content":{"rendered":"<ul>\n<li><em>Bitcoin&#8217;s next significant demand zone was around $56,000.<\/em><\/li>\n<li><em>Demand slowed down, both from new ETFs and existing holders.<\/em><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a> continued to sell off, sinking more than 4% in the last 24 hours to trade in the $62,000 zone, according to <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>. Trading volumes rose by nearly 5% to $45 billion during the period, suggesting high speculation from market participants.<\/p>\n<h4>Will the slump continue?<\/h4>\n<p>Interestingly, the latest dip was from a &#8220;major demand&#8221; zone, according to on-chain analytics firm <a href=\"https:\/\/x.com\/intotheblock\/status\/1779886019854184825\" target=\"_blank\" rel=\"noopener\">IntoTheBlock<\/a>. History showed that more than a million wallets had purchased BTC at an average price of $64,300, indicating that it served as a strong support.<\/p>\n<p>But now that the bears have been able to breach this support, the next significant demand zone lied around $56,000. This meant that if accumulation doesn&#8217;t gain steam, BTC was at the risk of plunging to the aforementioned level.<\/p>\n<h4>Was Bitcoin getting purchased or&#8230;?<\/h4>\n<p>Well, a few smart investors were using the market downside to load their Bitcoin bags.<\/p>\n<p>As per on-chain tracker <a href=\"https:\/\/x.com\/lookonchain\/status\/1779901802043081156\" target=\"_blank\" rel=\"noopener\">Lookonchain<\/a>, a whale bought as many as 244 Bitcoins, worth a whopping $15 million at press time, in the last two days. The wealthy player has acquired around 915 Bitcoins since December 2023, additional data revealed.<\/p>\n<p>But was there a broader market accumulation trend?<\/p>\n<p>As per AMBCrypto&#8217;s analysis of Santiment&#8217;s data, there was a lack of urgency amongst whale cohorts to stockpile Bitcoins.<\/p>\n<p>While wallets holding between 1,000 &#8211; 10,000 coins barely showed an uptick, the cohort storing 10,000 &#8211; 100,000 coins liquidated their holdings over the week.<\/p>\n<figure id=\"attachment_384807\" aria-describedby=\"caption-attachment-384807\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-whale-accumulation.png\"><img decoding=\"async\" class=\"wp-image-384807 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-whale-accumulation.png\" alt=\"BItcoin whale accumulation\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-whale-accumulation.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-whale-accumulation-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-whale-accumulation-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-whale-accumulation-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-whale-accumulation-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-whale-accumulation-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-whale-accumulation-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-384807\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p style=\"text-align: center;\">\n<p>These findings were corroborated by Julio Moreno, Head of Research at CryptoQuant. With backing from data, he showed how Bitcoin&#8217;s demand has slowed down, both from new exchange-traded funds (ETFs) and existing holders.<\/p>\n<figure id=\"attachment_384808\" aria-describedby=\"caption-attachment-384808\" style=\"width: 2234px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-demand-accumulation.jpg\"><img decoding=\"async\" class=\"size-full wp-image-384808\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-demand-accumulation.jpg\" alt=\"Bitcoin demand accumulation\" width=\"2234\" height=\"1406\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-demand-accumulation.jpg 2234w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-demand-accumulation-300x189.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-demand-accumulation-1024x644.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-demand-accumulation-768x483.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-demand-accumulation-1536x967.jpg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-demand-accumulation-2048x1289.jpg 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bitcoin-demand-accumulation-1200x755.jpg 1200w\" sizes=\"(max-width: 2234px) 100vw, 2234px\" \/><\/a><figcaption id=\"caption-attachment-384808\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">BTC Profit Calculator<\/a><\/p>\n<hr \/>\n<h4>Derivatives markets still bullish on BTC<\/h4>\n<p>These alarming developments sparked concerns of further downsides in Bitcoin&#8217;s price in the days to come.<\/p>\n<p>Interestingly, speculative traders were not buying this narrative. According to AMBCrypto&#8217;s analysis of Coinglass&#8217; data, the <a href=\"https:\/\/www.coinglass.com\/LongShortRatio\" target=\"_blank\" rel=\"noopener\">Longs\/Shorts Ratio<\/a> was still more than 1, implying that the majority of the futures traders were hopeful of a rebound.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There was a lack of urgency amongst whale cohorts to stockpile Bitcoins.<\/p>\n","protected":false},"author":80,"featured_media":384811,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4],"tags":[6427,6428],"class_list":["post-384805","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","tag-ambcrypto","tag-new-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin&#039;s next move: Should you prepare for a drop to $56K? 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