The post Why is Bitcoin Price not Rallying Today? appeared first on Coinpedia Fintech News
Bitcoin is currently showing a bearish signal in the short term, as expected. The price is forming a new pattern, and Bitcoin whales are closing large long positions. At the time of writing, Bitcoin is slightly trading above the $96,500 level and has slipped into the red zone.
Bitcoin Whale Activity
Bitcoin whales are closing long positions. Over the past day, 6,000 Bitcoin worth of long positions have been closed, amounting to over $500 million. This could mean profit-taking or anticipation of a pullback in the short term.
According to analyst Josh of Crypto World, we’re technically in a bull market, but we are starting to lose some short-term momentum. This is common in bull markets, as we saw a similar pattern last year. Around October and November, Bitcoin showed strong bullish movement but also had a period of sideways action.
Bullish Momentum Fading
Right now, the weekly Bi
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