TL;DR
- Whales have liquidated over 10,000 BTC, equivalent to $600 million, creating downward pressure on the market.
- Bitcoin remains in a consolidation phase around $59,000, failing to break the $60,000 resistance.
- The negative trend persists, with a 0.88% drop in the last 30 days and the risk of further corrections.
In recent weeks, the cryptocurrency market has experienced significant volatility, with notable activity from large investors known as whales. These whales have taken a bearish stance, selling a considerable amount of Bitcoin, which has generated substantial downward pressure on BTC’s price.
Specifically, it has been reported that whales have liquidated over 10,000 BTC in a short period, which is approximately $600 million. This volume of sales has contributed to Bitcoin’s price remaining in a consolidation phase, unable to break through the $60,000 resistance. Currently, the price fluctuates around $59,000, a figure it briefly surpasses before pulling back again.
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
— Ali (@ali_charts) August 13, 2024
Bitcoin Fails to Break the $60,000 Barrier
The massive sell-off by whales is a crucial factor. Historically, the decisions of large hodlers tend to influence the overall market behavior. When these players decide to sell large quantities of BTC, they often trigger a chain reaction that affects not only Bitcoin’s price but also significantly impacts the general sentiment of the cryptocurrency market.
Furthermore, this situation is exacerbated by the market downturn experienced earlier this month, increasing the risk of a new correction. In the last 24 hours, $45.1 million in liquidations were recorded, a figure that could increase if BTC’s price continues to decline. The possibility of another drop not only worries short-term investors but could also have broader implications for the market.
In the last 24 hours, Bitcoin’s price has shown a slight uptick of 0.22%, but the long-term trend remains negative. With a 0.88% decrease over the past 30 days. This indicates that the market has yet to emerge from its consolidation phase, and bearish sentiment could prevail in the absence of clear accumulation signals from large investors.
