Whale Sold $57.6M BTC At $94K: Can BTC Price Rebound From $88K?

• Bitcoin price has received a sharp rejection from the $100K mark.
• BTC price has surged by 60% since September.

Bitcoin price has witnessed a strong bullish trend and has touched the milestone of $100K. The bullish rally has interrupted near the $100K and is struggling below it.

BTC price has undergone a consolidation phase and has been struggling between the $92K and $100K levels. However, the price exceeded the $100K but failed to continue.

Whales Selling BTC Amid Consolidation Phase

The whale’s Bitcoin activity demonstrated significant profit-taking and strategic timing. Near the 24-hour peak price of $94,117, a noteworthy deposit of 612 BTC (~$57.6M) was made to Binance. This probably resulted in a $34.14M profit with a realized gain of 146%.

The whale withdrew 650 BTC from Binance between April 2023 and January 2024 at an average BTC price of $38,331. This deposit came after a nearly year-long period of inactivity. Profit booking amid this consolidation phase might result in a bearish forecast.

The 200, 50, and 400 Bitcoin inflows occurred simultaneously as market price lows. Furthermore, the chart showed steady Bitcoin accumulation.

The one significant outflow close to a market peak later counterbalanced these calculated inflows. That underscored the importance of accurate market timing.

At its peak, the whale’s total realized and unrealized gains were $36.24 Million. Their approach demonstrated almost flawless application of the buy low, sell high tenets if everything sold for $94,117.

Bitcoin Price Technical Analysis Based on Chart

The BTC price was trading at $94,750.00 at press time, which has remained neutral in an intraday session. The market capitalization was $1.87 trillion, and the 24-jour trading volume was $51.03 billion.

Bitcoin price has been trading at the support level of $92K and has formed a bullish marubozu candlestick. It has melted to the significant support level of $92 from the $100K mark in just three days. This momentum indicated the bears’ domination.

Suppose the price dives below the $92K mark; it might invite sellers. Once the Bitcoin price manages to sustain below the $92K mark, bearish may keep dominating ahead.

Losing this level may spread fear among buyers, who might prefer to book profit. Here, profit booking might result in strong selling pressure.

Alternatively, buyers may start bagging BTC if the BTC price defends the $92K mark. It may gain investors’ attention if the price departs from the support zone and exceeds the 20-day EMA.

Strong buying momentum can be anticipated if the price triggers a breakout from the $100K amid this bull run. After a successful breakout, the token may record a new all-time high.

Bitcoin Price Today and Its Forecast

The recent BTC price movements reflected a delicate balance between bullish and bearish influences. The sharp rejection at the $100K mark has led to a consolidation phase. With this, the price fluctuated between $92K and $100K.

The significant whale activity indicated profit-taking. That raised concerns about potential bearish trends if support at the $92K level fails.

However, BTC may defend this support and break through the $100K resistance. It could attract renewed buying interest and reinforce its bullish momentum if this happens. Investors should closely monitor these key price levels to gauge future market direction.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.