BTC
89,526.97
-2.02%
$BTC The on-chain analysis shows that Bitcoin still does not exhibit typical signs of a solid bottom. Two key indicators confirm this: whale movements and the continuous distribution of long-term holders.
The Exchange Whale Ratio increased from 0.32 to 0.68 during November, and although it retraced to 0.53, it remains elevated. These levels reflect that a significant percentage of inflows to exchanges come from large wallets, which historically is associated with selling phases, not accumulation.
A clean close below $80,400 opens up space for new lows, aligning with what Shawn Young believes is still a "plausible liquidity sweep" before any attempt at a stronger recovery
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