Bitcoin (BTC) price struggles to rally above $17.5k as miners and kitovi continue to liquidate their BTC positions. The BTC price has failed to show any significant upside move and remains under pressure following the collapse of FTX.
Bitcoin Whales Dumping Their BTC Holdings
Upozorenje na kitove u a cvrkut on December 10 revealed that a whale has transferred 9,901 BTC worth $170 million to crypto exchange Kraken.
Podaci na lancu reveals the Bitcoin whale purchased 9,901 BTC for $391.91 million on July 29, 2021. The BTCs remain unmoved since the date and the wallet has no other transactions. The whale has sold the Bitcoin holdings for a loss of $222 million.
Analitičar Ali Martinez has also shared that around 33 whales holding 1,000 to 100,000 BTC-ovi have left the network. In fact, these whales sold or redistributed around 20,000 BTC in the last 96 hours. Now, there are only 2037 wallets holding 1,000 to 100,000 BTCs.
Kako god, Santiment on-chain data platform tweeted that the supply of Bitcoin and Ethereum on crypto exchanges are now at a 4-year low. Thus, it indicates a lower sell-off risk.
As reported in a previous article, kitovi se i dalje prodaju their BTC holdings. Whales continued to reduce their Bitcoin holdings since June 2022 and sold nearly 367k BTC. Moreover, whales with 1k-10k BTC continued to liquidate their Bitcoin holdings during the miner capitulation phase until November. Therefore, traders must observe whales increasing their BTC holdings to confirm a Bitcoin rally.
BTC Price Risks Falling to $12.8K
Analysts such as Michael van de Poppe i "Vuk sa Wall Streeta" Jordan Belfort believe Bitcoin can rally if it crosses $18k, suggesting $16.5k as a critical support level. However, the BTC price has failed to pass even $17.3k and on-chain data predicts $18k is a strong resistance level.
Moreover, miner capitulation and whales selling their BTC holdings indicate uncertainty. On-chain predicts that BTC price can bottom at $12.8k, the delta price for Bitcoin.
Takođe pročitajte: Ethereum (ETH) Price Key Metric At 4-Year Low Means Turnaround
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Source: https://coingape.com/bitcoin-price-under-pressure-as-another-whale-dumps-almost-10k-btc/