Cryptoquant analyst: Whales have not significantly absorbed the decline, and many people's sentiments may prematurely shift to a sense of relief
ChainCatcher news, according to Cryptoquant analyst Mignolet, as Bitcoin's key short-term support level was breached, the price briefly dropped to 89k, but then quickly rebounded, maintaining the previous key support level. This pattern is often referred to as "stop-loss hunting." From the daily candlestick chart, there is indeed a possibility of a market reversal.However, to achieve a trend reversal, key players ultimately need to intervene. Observing the CPG (Coinbase Premium Gap) data, whale entities are selling off on a large scale. Typically, when buying whales absorb such a drop, we see significant fluctuations in the data. However, this time it is not the case. Today's ETF daily inflow/outflow data may provide further analytical insights.If yesterday's drop was indeed a good buying opportunity, Binance's whales should have taken advantage of it, leaving traces in the market buying ratio. However, no such evidence has appeared. Although the candlestick chart pattern suggests a meaningful move, the major players have not seized this opportunity. What concerns me more is that many people's sentiments may quickly shift to an overly premature sense of relief.
