Bitcoin (BTC), the world’s biggest cryptocurrency by market cap, might experience a significant price drop as whales have sold billions worth of 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.
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.
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.
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.
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.
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