Bitcoin’s recent bearish sentiment on Friday was in response to weak unemployment and jobs payroll data. The data came much higher than anticipated, with the overall unemployment rate in the United States rising to 4.3% citing a recession fear among investors now.
BTC has dropped nearly 10% this week, courtesy of this recent bearish extension. As a result, it entered an important potential buy zone. On the contrary, whale outflows peaked at 14,370 BTC on 30 July, before dropping to 340 BTC the next day. Outflows peaked at 10,330 BTC more recently on 2 August. The total amount of inflows in whale addresses were higher than outflows – Signaling that whales have been accumulating.
The amount of BTC flowing out of exchanges during Friday’s trading session seemed to confirm that traders, including whales, have been accumulating. This could set the pace for some recovery into the new week, unless sell pressure intensifies. Also, with the Fed interest rate cuts on the table following the month of September, we might see stocks and crypto market rebounding and a bullish sentiment in upcoming weeks.
As of now, at the time of writing this article, BTC is trading around $60,550 and has gained nearly 0.5% in the last 24 hours and has a market capitalization of $1.195 Trillion.