Bitcoin Whales Are Cashing in as Gains Slip Away

After a wave of aggressive buying, bitcoin whales are taking some profits. The “big money” investors drove the price up as high as nearly $14,000 in the last 24-hour period, reminding the crypto community of how the market dynamics can change on a dime. Now it seems they are cashing in on some of their fortunes as the buying momentum stops dead in its tracks. After rising as much as 22% in the last 24 hours, the BTC first slashed those gains in half. Now the gains are slipping away.

Investors could get whiplash if they’re not used the roller coaster ride that bitcoin can take them on. As economist and trader Alex Kruger points out on Twitter:

“For BTC, price crashes are a feature, not a bug. Either avoid FOMO into positions and learn how to trade crashes, or become a long term HODLER (ideally with some form of risk management.”

Bitcoin Cooling Off

CCN reported earlier today that it was formerly sidelined crypto capital, not new investors, that drove the price up to January 2018 highs. In fact, funds were redirected from stablecoin Tether (USDT) into bitcoin, which is a sure sign that these were experienced traders who knew what they were doing.

Now those bitcoin whales are cooling things off by cashing in on some of their profits. Bitcoin continues to trade higher but has retreated to below the $13,000 level that had the crypto community so pumped.

bitcoin chart
| Source: TradingView

As if on cue, Kruger earlier today predicted that the “price will pull back eventually,” pointing to “hints of a top” based on “high-frequence charts.”

Buying the Dip

Some traders are viewing the pullback as an opportunity to buy the dip and that “instead of scaring people away, these price crashes are doing the exact opposite by attracting more buyers and strengthening support. Very bullish IMO.” Only time will tell if this proves to be the case.

The bitcoin price is currently hovering at $12,211, up about 4% on TradingView/Bitfinex.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

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