Key Points
- A Bitcoin whale sold 500 BTC, causing a significant price drop.
- If the bearish trend continues, BTC could fall towards its $53k support level.
Bitcoin’s price experienced a significant increase last week due to bullish activity. However, the trend shifted as the coin’s daily chart turned red. This change coincided with a substantial sale of Bitcoin by a whale.
Bitcoin Whales and Market Influence
Lookonchain reported a whale selling 500 BTC, equivalent to $30.07 million, just before the Bitcoin price fell. This particular whale has made three swing trades on Bitcoin, with only the first being profitable. The following two trades resulted in losses.
Considering the magnitude of the Bitcoin sold by the whale, AMBCrypto examined other datasets to determine if whales were exerting significant selling pressure. According to Glassnode’s data, the number of addresses with a balance of 10 or more Bitcoin fell last week. This decline indicates that large players in the crypto space were selling Bitcoin, which may have contributed to the coin’s price drop in the past 24 hours.
Bitcoin was down by over 2% in the last 24 hours, trading at $58,789.75 at the time of writing. Furthermore, data from Hyblock Capital showed that whale exposure in the market also fell in the last 24 hours.
Bitcoin’s Future Outlook
If the bearish trend persists, Bitcoin could potentially fall towards its $53k support level. A drop below this support could see Bitcoin falling to $43k. However, there were previously strong indications of Bitcoin’s price rising due to a decrease in the NVM ratio.
If the bulls regain control, Bitcoin could approach its resistance near $61k. A successful breakout could potentially see Bitcoin reaching $68k in the coming weeks.
