Bitcoin (BTC) Whales Appear to Be Offloading Some of Their Holdings Ahead of the Closely Contested 2024 US Presidential Election

In a post on X, crypto analyst Ali Martinez shared that Bitcoin whales – wallet addresses holding a significant amount of BTC – are “dialing back exposure”

Bitcoin (BTC) whales are showing signs of dialing back their BTC holdings as the US presidential election draws near.

According to crypto analyst Ali Martinez, there has been a 2% decrease in the number of wallet addresses holding 1,000 or more BTC. This selloff by large Bitcoin addresses might be indicating a cautious approach to potential price volatility tied to the elections.

Bitcoin Whales Unloading BTC Ahead of Trump-Harris Race

In a recent post on X, crypto analyst Ali Martinez shared some interesting observations regarding Bitcoin whales. According to the analyst, there has been a 2% decrease in the number of wallet addresses that hold 1,000 or more BTC.

This selloff by large Bitcoin addresses might be indicating a cautious approach to potential price volatility tied to the elections, which are likely to be very closely contested.

Bitcoin whales are defined as wallet addresses that hold a significant amount of BTC. Their movements are closely followed by many in the crypto community as they can influence the price of Bitcoin.

As previously reported by BTCManager, there was a massive sell pressure from Bitcoin whales during the last leg of the bull market in 2024. According to鏈接analysis, a total of 177,234 BTC were sold by long-term holders in the last seven days.

Another scenario worth considering is that any further decline in whale addresses’ BTC holdings without a corresponding drop in price could indicate that retail investors are stepping up to buy the digital asset.

Notably, demand for Bitcoin among retail investors has been on a steady uptrend since September 2024. According to a recent report, retail demand for BTC rose 13% in the past month, reflecting a shift in the market’s risk appetite from risk-off to risk-on.

Bitcoin Price Analysis

At the time of writing, Bitcoin is trading at $69,595, up 1.3% in the past 24 hours and up 4.2% in the past seven days. The world’s leading digital asset is now up 285% year-to-date.

After failing to hold the $70,000 support level, BTC price dropped to lows of $68,000 on Monday. However, buyers quickly stepped in to defend this crucial support zone.

A close above this level could see Bitcoin attempt to reclaim the $70,000 handle once again. Failure to hold the $68,000 support level could lead to further selling pressure towards $63,000.

On the 12-hour chart, BTC is showing signs of bullish momentum as the TD sequential indicator is now flashing a buy signal.

The TD sequential indicator is used by technical analysts to identify potential price exhaustion points and trend reversals in financial markets.

A buy or sell signal from the TD sequential indicator is generated when a candle closes above or below a specific price level for a set number of candles.

In this case, the TD sequential buy signal suggests that the recent sell pressure may be coming to an end and that BTC price could be preparing for a bullish reversal.

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