Bitcoin “Bear Whales” Show Signs of Exhaustion as Analysts Eye Upside

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Bitcoin’s price has been fairly stagnant throughout the past few days, with its recent rejection at highs of $28,500 kicking off a short-term consolidation phase Where the crypto trends in the mid-term may depend largely on whether or not bulls can invalidate these highs as a potential “blow-off top” There has been speculation that the swiftness of the rally and rejection confirmed the bear-favoring pattern, but BTC’s resilience in the time since is a promising sign One on-chain analyst is now noting that where the market trends next will undoubtedly depend, at least partially on the exodus of so-called “bear whales” He notes that these large sellers are running out of steam, which could indicate that upside is imminent for the benchmark crypto Bitcoin has been consolidating ever since it reached highs of $28,500. The strength seen at these highs caused the cryptocurrency to lose some serious momentum and drift…

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