The post Bitcoin Price Grapples at $30,000; Is This the Beginning of Another Consolidation Phase? appeared first on Coinpedia Fintech News
After undergoing a notable rise in the past couple of days, the bulls appear to have drained heavily. Hence, the BTC price has dropped below $30,000 but continues to trade close to the resistance. With the recent upswing, Bitcoin experienced the second largest profit taking, with over $537 million in profits squeezed. Prior to this, huge profits were extracted in April 2023, following which the Bitcoin price dropped by over 20%.
Coinpedia reported earlier that the Bitcoin whales have shifted to active mode. They accumulated heavily as soon as the price soared above $30,000. Hence, the possibility of the whales selling ‘greed’ emerges, as they tend to buy out at ‘fear’. Currently, market sentiment is greedy, as the Fear and Greed index stands at 65.
Therefore, there is a huge possibility of whales extracting their profits, which may have d
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