Crypto Whale Activity Suggests a Bitcoin Price Crash Ahead – Here’s Why

Bitcoin has made its second attempt to break past the $68,300 resistance level but faced rejection once again. Despite this, the price remains stable, sitting around $67,670. Meanwhile, after months of relative calm, whale activity has surged, raising concerns and curiosity.

Let’s explore what’s happening in the market and what we can expect next.

Bitcoin Chart Analysis

On the daily chart, Bitcoin is facing significant resistance at the current price level. Since March, several new resistance points have appeared, making it difficult for the cryptocurrency to break higher. These obstacles continue to hold back Bitcoin’s upward momentum.

The hourly chart shows that after being rejected at $68,300, Bitcoin found support at $66,650. The MACD histogram reveals weakened buying activity, currently recorded at 63.7. Meanwhile, the RSI (Relative Strength Index) is in a correction phase, showing signs of potential downward pressure.

The RSI also shows a divergence, often an indicator of an upcoming price fall. To balance this divergence, Bitcoin may need to retrace back to around $65,000.

Whale Activity Spikes—Is Something Big Coming?

Data from on-chain platform Santiment shows a surge in whale activity over the past two days, marking the highest level in over two months. Around 11,697 whale transactions, each worth more than $100,000, were recorded. This level of whale activity hasn’t been seen since the Japan stock market crash on August 4, hinting that something major might be brewing.

Coinglass, another whale activity tracker, shows that large account holders have opened short positions on Bitcoin around $68,500, $69,000, and $69,500. This concentration of shorts explains why Bitcoin has struggled to break above $68,300. These short positions suggest that whales are expecting the price to fall, adding further pressure to the market.

Will Bitcoin Surge or Pull Back?

While some in the community are hoping for a price surge, the data paints a more cautious picture. The RSI’s signals of a potential price drop align with the idea that whales might soon take profits. If they do, it could create a domino effect, pushing the price down further. The area above $68,300 is packed with resistance, and it remains to be seen if Bitcoin can overcome these challenges or if it will get stuck below this key level.

The next few days will be crucial for Bitcoin. Will it break through resistance or face a pullback? The market is on the edge.