BTC price is being suppressed with the whale selling 10 thousand Bitcoin. Bitcoin price continues to be under pressure as another whale loses nearly 10,000 BTC worth $170 million.
The price of Bitcoin (BTC) is struggling to rally above $17.5,000 as miners and whales continue to push their BTC positions. The price of BTC did not show any significant upward movement and remained under pressure after the fall of FTX.
BTC Holdings was discontinued by Bitcoin Whales
Whale Alert in a December 10 tweet revealed that the whale transferred 9,901 BTC worth $170 million to crypto exchange Kraken. On-chain data reveals that the Bitcoin whale bought 9,901 BTC for $391.91 million on July 29, 2021. BTC remains unchanged since the day and the wallet has no more transactions. The whale sold Bitcoin assets for a loss of $222 million.
Researcher Ali Martinez also shared that around 33 whales holding 1,000 to 100,000 BTC left the network. In fact, these whales have sold or distributed around 20,000 BTC in the last 96 hours. Currently there are only 2037 wallets with 1,000 to 100,000 BTC.
However, on the data platform Santiment tweeted that Bitcoin and Ethereum offers and crypto exchanges are currently at a 4-year low. Therefore, it shows a small risk of decay.
As mentioned in the previous post, whales are still selling their BTC. Whales continued to reduce their Bitcoin holdings since June 2022 and sold almost 367,000 BTC. In addition, whales with 1k-10k BTC continued to accumulate their Bitcoin earnings during the mining season until November. Therefore, traders should be whale watching and increase their BTC holdings to support the Bitcoin rally.
BTC price risk drops to $12.8,000
Analysts such as Michael van de Poppe and “Wolf of Wall Street” Jordan Belfort believe that Bitcoin can rally if it breaks above $18,000, suggesting $16.5,000 as a critical support level. However, the price of BTC did not even break above $17.3,000 and the data predicts that $18,000 is a strong stop.
Also, the ability of miners and whales to sell their BTC holdings shows uncertainty. On-chain predicts that the price of BTC can reach $12,800, the delta price of Bitcoin.