TLDR
- Machi Big Brother secured over $33.8 million in profits by closing all long positions.
- Bitcoin faces resistance at the $120,000 level with a double rejection pattern.
- Low trading volume on breakout attempts signals a lack of buying pressure for Bitcoin.
- Ethereum’s price continues to rise toward $4,700, but momentum is slowing.
- The RSI on Ethereum shows bearish divergence, indicating a potential correction.
Machi Big Brother, a significant player in the crypto market, has closed all long positions, securing over $33.8 million in profits. The move comes amid growing concerns over the overheated state of both Ethereum and Bitcoin markets. As the market continues to show signs of weakness, many wonders whether a crypto market crash is imminent.
Bitcoin’s Lack of Momentum Increases Crypto Crash Fears
Bitcoin is currently facing resistance at the $120,000 level, where it has failed to break through on two attempts. The daily chart reveals a double rejection pattern, signaling possible weakness. Analysts point to low volume during breakout attempts, suggesting minimal buying pressure, which raises concerns about a crypto market crash.
Furthermore, Bitcoin’s narrowing range indicates that it may see a sharp move if momentum slows. Both the 26-day and 50-day exponential moving averages (EMAs) are nearing the price action, signaling a potential reversal. With little buying interest and a weakening trend, Bitcoin may be primed for a pullback, increasing the likelihood of a crypto market crash.
Ethereum’s Surge Slows, Crypto Market Crash Looms
Ethereum, like Bitcoin, has experienced an extended rally, reaching new highs with minimal resistance. The price is heading toward the $4,700 mark, but technical indicators suggest that momentum is fading. The relative strength index (RSI) shows bearish divergence, signaling that Ethereum may be due for a correction, which could trigger a crypto market crash.
The most recent surge in Ethereum’s price has seen lower volume compared to previous rallies. This suggests that buyer enthusiasm is waning, and the risk of a pullback is rising. With Ethereum showing signs of overbought conditions, the crypto market crash could be on the horizon.
Whale Moves Signal Redistribution Phase
Machi Big Brother’s decision to close all long positions may be indicative of a broader redistribution phase. Prominent whales often sell during retail FOMO, redistributing liquidity ahead of potential market reversals.
If Bitcoin fails to break the $120,000 resistance and Ethereum’s bearish divergence materializes, a crypto market crash may follow, as retail investors struggle to absorb the liquidity left by whales.
