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Bitcoin whales sold over 20,000 $BTC, worth $1.28 billion over the past 24 hours.
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$BTC’s price could decline by 10% to the $57,300 level if it closes its daily candle above $66,000 level.
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$BTC appears bearish, likely due to the $1.28 billion asset dump and the bearish double-top price action pattern.
Bitcoin ($BTC), the world’s biggest cryptocurrency by market cap, might experience a significant price drop as whales have sold billions worth of $BTC.
Bitcoin Whales Dump 20,000 $BTC
On September 25, 2024, a prominent crypto analyst made a post on X (previously Twitter) stating that Bitcoin whales sold over 20,000 $BTC, worth $1.28 billion over the past 24 hours.
#Bitcoin whales sold over 20,000 $BTC in the past 24 hours, worth around $1.28 billion! pic.twitter.com/METXwmIxCn
— Ali (@ali_charts) September 25, 2024
This significant $BTC sell-off occurred near a strong resistance level of $64,800, where there is a history of price reversals and selling pressure. Additionally, this is the second time that $BTC has reached this level since August 2024. The last time it reached this level, it experienced a notable price decline of over 16%. However, traders and investors speculating about a similar price reversal reversal this time.
$BTC Current Price Momentum
At press time, $BTC is trading near the $63,720 level and has experienced a price surge of over 1.35% in the past 24 hours. During the same period, its trading volume increased by 6%, indicating higher participation from traders and investors.
Bitcoin Technical Analysis and Key Levels
According to the expert technical analysis, $BTC appears bearish, likely due to the $1.28 billion asset dump and the bearish double-top price action pattern on a daily time frame. In trading or investing, traders and investors often consider this pattern as a negative sign and suggest a potential price reversal.
With this pattern on a daily time frame, there is a strong possibility that the $BTC’s price could decline by 10% to the $57,300 level in the coming days. However, this negative outlook will remain valid unless $BTC closes a daily candle above the $66,000 level, otherwise, it may fail.
$BTC’s Negative On-chain Metrics
Currently, this negative outlook is further supported by the on-chain metrics. Coinglass’s $BTC Long/Short ratio currently stands at 0.981, indicating bearish market sentiment among traders. Additionally, its future open interest has increased by 1.5% in the past 24 hours, indicating a potential buildup of short positions amid the bearish outlook.