Will Bitcoin Crash? Whales Dump $600 Million of BTC

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Bitcoin (BTC), the world’s biggest cryptocurrency by market capitalization looks bearish and may crash once again. Today, on August 13, 2024, a prominent trader made a post on X (previously Twitter) that Bitcoin Whales have offloaded a significant Bitcoin as its price fell below $60,000.

According to the post on X, these whales have offloaded a significant over 10,000 BTC worth approximately $600 million to the exchanges, including both centralized (CEXs) and decentralized (DEXs), in the past week. This post on X has gained massive attention as it has the potential to impact the BTC price. 

Some of the largest #Bitcoin whales have offloaded over 10,000 $BTC in the past week, valued at approximately $600 million! pic.twitter.com/FncNzowcTu

After a 15% price rally in BTC, it has been continuously falling and has experienced a decline of over 4% in the last three days. The potential reason behind this significant BTC dump is the recent market crash on August 5, 2024, and the investors’ interest in BTC as its price continues to drop. 

According to expert technical analysis, Bitcoin (BTC) looks bearish as it is moving below the 200 Exponential Moving Average (EMA) on a daily time frame. In addition to the 200 EMA, a strong bearish candle below the resistance level of $60,000 further strengthens the bearish outlook for BTC. 

If the sentiment remains unchanged, there is a high possibility that it could crash another 12% to the $52,700 level in the coming days. However, for an upside rally, BTC needs to give a strong daily candle-closing above the $62,000 level. 

At press time, BTC is trading near $59,120 and has experienced a price decline of over 1.7% in the last 24 hours. Meanwhile, its trading volume has decreased by 22% during the same period, indicating lower participation from traders and investors.

Additionally, BTC’s open interest has also fallen and in the last 24 hours, it has dropped by 1.5%, according to data from the on-chain analytic firm CoinGlass.