Bitcoin (BTC) is trading weak in the $79,000 range, with momentum fading as large holders known as "whales" lead a wave of selling.
BTC traded at $79,033.65 as of 8:02 a.m. on the 8th, down 0.77% from the previous day, according to CoinMarketCap, a global cryptocurrency data site. Major altcoins also declined. At the same time, Ethereum (ETH) fell 0.32% to $2,483.94, BNB dropped 1.45% to $738.30 and XRP slid 1.43% to $1.392.
The domestic market followed suit. BTC stood at 107.602 million won on Bithumb at the same time, down 0.23% from the previous day. ETH fell 0.21% to 3.384 million won, while XRP dropped 0.58% to 1,893 won.
Cryptocurrency news outlet CoinDesk reported on the 7th that BTC investors had turned net sellers for the first time since early June. With BTC failing to break through resistance at $83,000 and slipping below $80,000, whale investors holding more than 1,000 BTC are driving the selling, according to the report.
The accumulation trend score from blockchain analytics firm Glassnode came in at 0.37 for all investors. The metric reflects changes in holdings over the past 15 days by wallet size, with readings closer to 1 indicating stronger accumulation and readings closer to 0 signaling stronger selling. It marks a shift from the buying flow that had continued for about three months since BTC was trading sideways around $60,000 in the summer.
Technical indicators also point to factors capping gains. CoinDesk noted that BTC's 50-week moving average, at $79,687, is acting as resistance.
Meanwhile, some analysts expect a "golden cross," in which BTC's 50-day moving average rises above its 200-day moving average, could form as early as the 8th. A golden cross is typically read as a bullish signal, though it has yet to be confirmed.
The Fear and Greed Index from crypto data firm Alternative.me fell 2 points from the previous day to 71, keeping it in "greed" territory. Readings closer to 0 indicate weaker investor sentiment, while readings closer to 100 signal an overheated market.
