Besides, he tweeted that Bitcoin miners keep capitulating. Martinez's reports here are based on data provided by Santiment and IntoTheBlock.
Bitcoin whales redistributing/selling 100K BTC
The analyst shared that over the past 48 hours, whales whose wallets contain from 1,000 to 10,000 Bitcoins, have moved — that is, sold or redistributed — a staggering 100,000 BTC. This amount of crypto is evaluated at $1,656,100,000.
Bitcoin, the flagship cryptocurrency, has been plunging over the past two weeks, following the collapse of FTX exchange and its co-founder and CEO Sam Bankman-Fried, who tried to bail out affiliate trading company Alameda Research using the funds of FTX customers as collateral.
He then filed for bankruptcy on behalf of the company, the exchange and himself. This struck a painful blow against Bitcoin and the whole crypto space. BTC plunged from the $20,000 level where it had been building up for a further recovery, hitting lows in the $15,800 area several times.
At press time, Bitcoin is changing hands at $16,551. Besides, the FTX insolvency has dented the situation with crypto exchanges, which had already been suffering from lack of trust, but now users have started withdrawing their funds from CEXes and DEXes en masse.
In another tweet, Ali shared a Bitcoin chart, showing that BTC has hit a "sustainable supply wall" between the levels of $16,600 and $17,060. A massive 800,000 Bitcoins were previously bought by roughly 950,000 wallets at these levels.
Now, Bitcoin needs to overcome this resistance barrier in order to reach higher price levels, the analyst believes.
Bitcoin miners keep dumping BTC
Miners continue a hard sell-off of their Bitcoin, according to another tweet ин Ali. Bitcoin miner reserves, according to a chart he shared, have hit a nearly-one-year low of 1,853,425 BTC.
Earlier this week, U.Today reported that a "Bitcoin miner bloodbath" kicked off as miners started the most aggressive BTC sell-off in the past seven years.
Unless the Bitcoin price goes higher soon, a lot of miners will be forced out of business, founder of Capriole Investments Charles Edwards claims.