Bitcoin (BTC) Looks Bearish as Whales Offload 10,000 BTC Worth $600 Million to the Exchanges

If the sentiment remains unchanged, it could crash another 12% to the $52,700 level. BTC's open interest has also continued to fall and in the last 24 hours, it has dropped by 1.5%.

Bitcoin (BTC) price has crashed over 12% after a prominent trader highlighted that Bitcoin Whales have offloaded a significant amount of BTC.

According to a post on X (previously Twitter) on August 13, 2024, these whales have moved over 10,000 BTC, valued at approximately $600 million, to exchanges (both centralized (CEXs) and decentralized (DEXs)) in the past week. This post on X has garnered a lot of attention due to its potential impact on BTC's price.

Is Bitcoin Set to Crash?

The post on X indicates that these large Bitcoin?? have offloaded over 10,000 $BTC to the exchanges (both CEXs and DEXs) in the past week, as its price crashed below $60,000.

After a 15% price rally, BTC has been crashing continuously and has dropped over 4% in the last three days. The recent market crash on August 5, 2024, might be the potential reason behind this significant BTC dump, and investors are showing interest in BTC as its price continues to fall.

Bitcoin Price Prediction

Expert technical analysis shows that Bitcoin (BTC) is displaying bearish tendencies as it trades below the 200 Exponential Moving Average (EMA) on a daily time frame. This bearish outlook is further supported by a strong bearish candle below the resistance at $60,000.

If the sentiment remains bearish, there is a high probability that BTC could crash another 12% to the $52,700 level in the coming days. On the other hand, for an upside rally, BTC needs to close strongly above the $62,000 level on a daily time frame.

BTC Price Analysis

At press time, BTC's price is around $59,120, showing a decline of over 1.7% in the last 24 hours. However, its trading volume has decreased by 22% during the same period, indicating less participation from traders and investors.

Furthermore, BTC's open interest has also fallen, with a 1.5% decrease in the last 24 hours, as reported by on-chain analytics firm CoinGlass.