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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.