Bitcoin News

Bitcoin Price Under Pressure As Another Whale Dumps Almost 10K BTC

Bitcoin price continues to be under pressure as another whale dumps almost 10K BTC worth $170 million.
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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.

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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.

Bitcoin Whales Holding 1K-100K BTCs. Source: Santiment

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.

Bitcoin Spent Output Value Bands. Source: CryptoQuant
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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

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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