Bitcoin News: Whales Buy as Standard Chartered Sees Sell-Off End

Per the Bitcoin news, BTC price is showing signs of a bounce back after a brief dip under $90,000. Bitcoin whales have been buying the dips consistently.

Their accumulation has surged over the past four months. Banking giant Standard Chartered believes that the BTC sell-off could be over anytime soon.

Bitcoin News: BTC Whale Holdings Rise Despite Market Decline

Amid the Bitcoin price correction over the past weeks, BTC whales have continued to buy the dips. On-chain data shows that wallets holding 1,000 BTC or more have risen 2.2% to 1,384.

This marks the highest level in four months. Analysts note that while retail traders have been reducing exposure amid volatility. Moreover, large holders appear to be using the correction to expand their positions.

BTC technical charts show the asset hitting oversold territories. Bitcoin news shows that the price has corrected more than 25% from its all-time high. Market sentiment has shifted toward extreme fear, with traders accelerating sell-offs.

Moreover, BTC’s daily RSI has fallen to 26, its lowest reading since February, placing the asset firmly in oversold territory. The previous instance of an RSI drop to this level occurred near the $76,000 range. After this, Bitcoin rebounded toward $120,000.

Bitcoin Price Bounce to $100,000 Ahead, Says Expert

In his post X, Michael van de Poppe reported that all major downside liquidity levels for Bitcoin have now been cleared. This includes the closing of the CME gap from April, with the recent fall under $90,000.

According to van de Poppe, market sentiment has deteriorated sharply, with the Fear & Greed Index falling to 11. It is the lowest since the Terra Luna collapse in May 2022.

Van de Poppe stated that Bitcoin’s bottom remains uncertain. He added it could still move toward the $85,000 level. However, he noted that several indicators are aligning to suggest that the market is nearing an exhaustion point.

From a technical perspective, he highlighted the unusually large gap between Bitcoin’s current price and its 20-day MA. A similar divergence is appearing on the weekly chart, which, he said, typically precedes a rebound.

Based on these factors, van de Poppe indicated that a corrective move toward the $95,000–$100,000 range is increasingly likely. He wrote:

BTC Sell-Off Is Likely Over, As Per Standard Chartered

Bitcoin news suggests that Standard Chartered has informed clients that the recent BTC market downturn is likely nearing its end. The banking giant maintains its base-case outlook for a year-end rebound despite ongoing volatility.

The experts stated that the duration and depth of the current correction are now consistent with previous cycle drawdowns. Analysts also noted emerging signs of seller exhaustion. They cited indicators such as MicroStrategy’s modified NAV sharply compressing during the decline.

The bank added that leverage has been largely cleared from the system, market liquidity is stabilizing, and downside momentum is easing. As per Standard Chartered, these conditions usually precede a shift in the trend.

At the same time, Bitcoin ETFs have continued to bleed with $372 million in outflows on Tuesday, November 18. Bloomberg Senior ETF Analyst Eric Balchunas believes that the recent outflows are not a cause for major concern.

Balchunas noted that recent outflows represent about 2.5% of total Bitcoin ETF assets. He added that 97.5% remain intact despite heightened market volatility.

He added that the products have accumulated $23 billion in inflows year-to-date. Balchunas said the latest data is “not too bad” given the extreme fear prevailing in the broader crypto market.