Bitcoin may have taken some hits, but the big names are hanging on as data shows investors have jumped at the opportunity to “buy” the dip in BTC. Asset starts a new week on shaky ground after the lowest weekly close in two years. The largest crypto weakened significantly after the FTX stock market implosion passed, and it must continue to grapple with the aftermath. There is a clear divergence between Bitcoin and risky assets, helping to break a correlation that has lasted for the past year. The wallets containing between 1 and 10 BTC noticed a dramatic increase. The ‘Mega Whales’ who also pocket stability of 10,000 BTC or greater also are growing, and now are almost 130, as per Glassnodes.
At the time of writing, BTC was trading at $16,700.
BTC was taking multiple supports around $17,500 to $18,000 (78.6 % Fibonacci level) and was showing good signs of recovery. However, the bulls struggled to break the key resistance of $22500 and after the FTX news, BTC witnessed a sharp correction and broke the long-held support making the weekly low of $15,588. On a weekly time frame, BTC has given a weekly closing below the key support of $17,500 and if it sustains below these levels then we can expect further downfall and the prices can drop to $12,500 levels.
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