Technical analysis by Tradersweekly about Symbol BTC: Sell recommendation (5/29/2024)

Just yesterday, we remarked how large speculators were seemingly devoted to holding their coins despite steep price tags. However, new data reveals that large speculators took a major step toward liquidating their positions overnight, reflected in a significant drop in the number of Bitcoin addresses with balances exceeding 1,000 BTC. This is a highly concerning development for bulls, considering Bitcoin’s recent rejections at $70,000 and the overbought stock market, which stays highly correlated with the cryptocurrencies.Technical conditionsDaily time frame = Slightly bullish (turning neutral)Weekly time frame = Bullish (losing momentum)Monthly time frame = BullishBitcoin addressesThe number of Bitcoin addresses with balances exceeding 1,000 BTC fell from 2,135 to 2,072, marking the biggest single-day move down since late February 2024. A significant drop can also be observed among the number of Bitcoin addresses with balances exceeding 100 BTC. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.Illustration 1.01Bitcoin nears the alternative trendline, acting as support.