Data suggest Bitcoin’s price drops at each new all-time high are the result of “mega whales” selling into liquidity.
Bitcoin price has re-established the $40,000 level as support but as bull push toward a new all-time high the possibility of another sharp sell-off looms.
According to analysts at Material Indicators, a crypto analytics company, mega-whales sold off steeply when Bitcoin hit $40,000 on Jan.