Bitcoin Whale activity hit rock bottom

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Bitcoin is down 0.4% in the last 24 hours at $40.7K. Ethereum added 1.5% over the same period, other major top ten altcoins rise from -2.0% (Terra) to 5% (Avalanche).

The total capitalization of the crypto market, according to CoinMarketCap, rose 0.3% during the day, to $1.83 trillion. The Bitcoin Dominance Index fell 0.4% to 42.4% due to better momentum in altcoins.

The cryptocurrency fear and greed index fell 2 points to 25 in one day and found itself in a state of “extreme fear” again.

Despite the overshooting momentum in altcoins, a sequence of lower and lower local highs continues to form in Bitcoin. In early February, the upside lost momentum as it broke above $45.5,000. In the first days of March, the bears have already dominated on the way to $45,000, on the 8th already near $42.5,000, and in the last two days they are trying to form a reversal down to 41 .5000$. At the same time, the bulls manage to form strong support near $38,000.

In terms of technical analysis, BTCUSD remains close to its 50-day moving average, clearly indicating the absence of any trend currently. However, consolidation in a descending triangle is usually a respite before the next decline. We will see the implementation of this scenario if BTCUSD sets below $38,000. An alternative scenario and further upside momentum should be expected if the bulls manage to push the price above previous highs of $42.5,000, or close the day/week above $42,000.

Galaxy Digital CEO Mike Novogratz, known for his bullish predictions, has unveiled a new one that sees BTC hitting $500,000 in 2025.

According to Santiment’s team, Bitcoin whale activity has fallen to its lowest level in a year in recent days. Therefore, do not expect sudden movements in the market anytime soon.

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