Bitcoin (BTC) Analysis: The Impact of Whale Activity on Upcoming FOMC Meeting
Tuesday, 17 September 2024, 02:00
The Significance of Whale Movements
Bitcoin (BTC) analysis indicates that significant movements by whales often precede major market events. The data reveals that
- transactions involving whale addresses
- historical pricing patterns
- potential market corrections
In this case, the lead-up to the FOMC meeting is no different.
Whales Selling Off Before FOMC Meeting
Data from Glassnode shows a decreasing trend in whale holdings. As of September 13, there were 108,163 addresses holding over $1 million worth of BTC. Currently, this figure has declined to 106,104 addresses, marking a sell-off of over 2,059 BTC, valued at more than $2 billion.
- Potential Market Reactions: If the Fed opts for a lower basis point adjustment, Bitcoin could face significant corrections.
- Opportunity for Growth: A favorable outcome might see bullish momentum, although gains could be fleeting.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.