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Bitcoin ($BTC) has been trying to break the $60,000 mark for some days now. However, it is facing immense pressure at this level and has been consolidating around the $59,000 price range. While whales have usually supported the $BTC price in such scenarios, they have acted in the reverse way this time around.
Whales trigger Bitcoin sell-off
Ali Martinez, a renowned investor and on-chain analyst, has revealed that Bitcoin whales are becoming bearish in recent days. He disclosed that some of the biggest Bitcoin whales have sold over 10,000 $BTC in the last week. This sell-off is estimated to be worth around $600 million, based on the current Bitcoin price.
This is a major development, as such sell-offs typically result in notable price dips for the leading crypto in terms of market capitalization. As mentioned above, $BTC is already stuck in a crucial phase, and selling pressure like this can deteriorate the situation even further.
Another Bitcoin crash coming?
The crypto market already faced a huge crash earlier this month, so another meltdown could cause a lot of trouble for investors. Bitcoin has already faced $45.1 million in liquidations in the last 24 hours. If the price starts to dip from this point, this figure can shoot up very quickly. Such a scenario will only add to the market's troubles.
As of now, the $BTC price is trading at $58,959. Although the price has jumped 1.19% in the last 24 hours, it has been stuck around this level for many days. Moreover, the price is down 2.11% over the last 30 days, which is a clear indicator of the bearish momentum on the market.
This consolidation period seems far from over as broader market sentiment has remained negative. Moreover, $BTC whales are now offloading their holdings and putting more pressure on the coin. Unless we witness a strong accumulation trend from these large investors, it is likely that the bearish sentiment will prevail.