Bitcoin Price Under Pressure As Another Whale Dumps Almost 10K BTC
Bitcoin (BTC) price struggles to rally above $17.5k as miners and whales 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
Whale Alert in a tweet on December 10 revealed that a whale has transferred 9,901 BTC worth $170 million to crypto exchange Kraken.
On-chain data 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.
Analyst Ali Martinez has also shared that around 33 whales holding 1,000 to 100,000 BTCs 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.
However, 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, whales are still selling 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 and “Wolf of the Wall Street” 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.
Also Read: Ethereum (ETH) Price Key Metric At 4-Year Low Means Turnaround
- Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC Amid Crypto Oversight Push
- First Spot XRP ETF Hits Milestone as CME Flags Institutional Interest
- Can Hype Price Hit $50 After Robinhood Listing?
- XRP News: Ripple Unveils ‘Ripple Prime’ After Closing $1.25B Hidden Road Deal
- Traders Price In Two More Fed Rate Cuts This Year After Soft Inflation Data
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
