Whales Sell $400 Million in Bitcoin: Impact on BTC Price
Date: 2024-12-16 Author: Henry Casey Categories: CRYPTO PAYMENTS
This week, Bitcoin selling by large investors known as “whales” has increased significantly. The activity coincided with BTC’s recent rise to $100,000, raising concerns about the asset’s ability to hold at this level. If the trend continues, reaching a new all-time high may be delayed.
According to analytics platform IntoTheBlock, the net inflow of Bitcoin to large holders’ addresses, which control more than 1% of the total supply, has significantly decreased in recent days. A week ago, when the BTC price was around $97,885, the net inflow was 28,570 BTC. However, over the past few days, the indicator has fallen to -3,960 BTC, which is equivalent to selling an asset worth about $400 million.
Additionally, the decrease in the volume of bitcoin withdrawals from exchanges confirms the caution of investors. This metric reflects the movement of coins from centralized exchanges to external wallets, and its decrease indicates uncertainty among market participants about the future dynamics of the asset. This situation may put pressure on the price of bitcoin.
Technical indicators on the daily BTC/USD chart also point to possible weakness. The MACD indicator, used to measure price momentum, has dropped into the negative zone. This signals the dominance of bearish sentiment.
If selling pressure continues to increase, Bitcoin risks losing the support level around $100,000. The next key mark may be around $91,918. In case of strong bearish sentiment, the asset price may fall to $80,437.
However, if buyers become active again, Bitcoin has a chance to overcome the resistance level of $101,173 and, possibly, update its historical maximum.
