Bitcoin price crash is under $110,000 after Whale sells 24,000 btc

Bitcoin prices have fallen below $110,000 in the last 24 hours, marking one of the steepest revisions in weeks. According to data from Bitcoin Magazine Pro, the world’s largest cryptocurrency has dropped to $108,890, and is below the $110,000 threshold at the time of writing. The decline represents a sudden sale since last Friday, when Bitcoin hit $117,000 and fell to $109,894 over the weekend.

The downward momentum was accelerated by massive whale sales. Over the weekend, one Bitcoin holder offloaded over $2.7 billion in 24,000 BTC, causing additional sales pressure and lowering prices. Large transactions have increased volatility and weighed heavily on market sentiment.

Despite the sharp movements, sentiment is still not completely terrified. The fear and greedy index of Bitcoin, a widely viewed market sentiment tool, is currently at 48/100. This is classified as “neutral,” but is just above “fear.”

The Fear and Greed Index is a tool that helps investors and traders analyze Bitcoin and crypto markets from an emotional perspective. It identifies the extent to which the market is overly frightening or overly greedy. So why is it called a terrifying and greedy index?

Bitcoin Magazine Pro explains that the index helps investors separate emotions from the broader market response, providing insight into the potential for assets to be over-acquired or over-sold. A score close to zero reflects “extreme fear,” while a score of nearly 100 represents “extreme greed.” In Bitcoin, now 48 years old, emotions are framed towards concern, but they are not yet fully in bearish territory.

Meanwhile, despite the weakness in price, the underlying network foundations remain strong. Bitcoin hashrate (a measure of total computing power that protects the network) is approaching a new record on new records. The current daily value is 909,080,589 Th/s, the most shy of all time at 1,084,828,947 Th/s, set on August 4th when Bitcoin was trading at $115,149.

Long-term holders may feel secure with historic profitability data. Bitcoin Magazine Pro says that holding Bitcoin is profitable for 99.1% of its existence.

• Profitable days: 5,437
  
• Tracked days: 5,487
  
• Profitable Day: 99.1%
  

The recent drop below $110,000 has rattled short-term traders, but Bitcoin’s track record and network strength suggests resilience. Investors may look closely at whether terror and greedy indicators will move further into the terror realm, and whether whales continue to unload large holdings, and may add turbulence to the market in the coming days.

This post Bitcoin price falls below $110,000 after 24,000 BTC first appeared on Bitcoin Magazine and sold 24,000 BTC written by NIK.