Bitcoin (BTC): 'crypto whales' are sounding the alarm
Bitcoin slows down ahead of strong resistance
Mar 30, 2022
1 min read
Peter JanssenMarket expert

Meanwhile, CryptoQuant points to an alarm.

Bitcoin fell 1.1% on Tuesday, ending the day around $47,400. Ethereum lost 0.5%, the other ten largest altcoins fell from 0.8% (Binance Coin) to 4.1% (XRP). The exception was Terra (+7%), which reached its all-time high.

The total capitalization of the crypto market, according to CoinGecko, decreased by 0.8% per day, to $2.24 trillion. The Bitcoin Dominance Index fell 0.1% to 40.2%.

Cryptocurrency index of fear and greed fell by 4 points during the day, to 56 and remains in a state of "greed".

Bitcoin slowed down ahead of strong resistance at $48,000, which it failed to clear on Monday and Tuesday. Nearby is the 200-day moving average, which also offers resistance.

According to CryptoQuant, crypto whales have started sending bitcoins to exchanges again, which is a wake-up call. Typically, investors send cryptocurrencies to exchanges for their subsequent sale. CryptoQuant does not rule out that BTC will move to an active decline in the very near future.

DataDash CEO Nicholas Merten believes that short-term investors and leveraged traders are driving bitcoin volatility, and whales are driving growth. In his opinion, crypto whales have been buying up BTC for the last six months.

Tesla CEO Elon Musk plans to create his own open-source social network that supports the DOGE cryptocurrency.

The Biden administration has proposed tightening tax reporting rules for cryptocurrency holders.

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