BTC’s recent bullish streak hinges on expectations of a spot Bitcoin ETF (exchange-traded fund) approval. But now it faces a potential setback as Bitcoin whales enter a redistribution regime.

On-chain data suggests there is a significant chance the price of Bitcoin will retrace toward $37,000.

Why Bitcoin May Drop to $37,000

Ali Martinez, BeInCrypto’s Global Head of News, noted a 1.10% decline in the number of entities holding at least 1,000 BTC over the past three days. This decline might not signify a sell-off. However, it suggests a redistribution regime among large Bitcoin whales.

The rising selling pressure could soon impact the price of Bitcoin. Martinez believes if prices lose the $43,200 support, such an event could put the recent bull rally on hold. Indeed, he suggested that BTC’s price could drop below $40,000 if this were to happen.

“[If you are] anticipating a Bitcoi

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Author: Oluwapelumi Adejumo

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