Whales Offloading Bitcoin: Can The BTC Price Lose Support?

• Bitcoin Whales offloaded 33,000 BTC last week.
• BTC price hovers near $100K to exceed this level.
• Bitcoin’s price holds significant support, and further momentum depends on market sentiment.

Bitcoin (BTC) has performed positively for the past few months. Amid this bull run, the BTC price has recorded a new all-time high (ATH) of $108,268.45 on December 17, 2024.

However, it has displayed mild profit booking from the top and has slipped below the $100K mark. The BTC price formed a bearish candlestick pattern during the daily time frame.

Bitcoin price has been defending a major support level of $95K from the beginning of December. Recently, buyers lifted the price by 5.26%. However, sellers were strong enough to lower the price to the support level.

Bitcoin Whales sent 33,000 BTC to exchanges last week. Moreover, a negative impact on the Bitcoin price was seen ahead.

What’s going on with Bitcoin Whales Activity?

The latest trends among Bitcoin whales are significant. These trends involve people owning enormous amounts of BTC.

These whales transferred over 33,000 Bitcoins to other exchanges last week, outflowing an incredible $3.23 Billion. The substantial decline in the price of Bitcoin may have caused this.

Despite the innumerable whale activities, the BTC price has failed to regain the $100,000 mark. This crucial psychological and financial benchmark indicates the highest level of market optimism.

In recent days, a vague approach to Bitcoin’s “holy grail” target has been confusing. This occurred while the value of Bitcoin was wildly fluctuating.

Bitcoin Price Analysis at Major Support Level

The Bitcoin price was trading at $96,500.00 at press time. This has been slightly up in the past 24 hours. The market capitalization was $1.9T, and the 24-hour trading volume was around $45.99 Billion.

On a daily time frame, the price of Bitcoin has shaped a head and shoulder pattern. It was trading at the neckline. Here, traders’ and investors’ activity could decide further trends.

If the price slips below this neckline, sellers might take the charge further. The BTC price below this level could invite sellers, and it might form the right shoulder. The trend will flip to bearish once the price starts trading below the $88K level.

Alternatively, strong bullish momentum can be anticipated if the BTC price defends the major support level of $95K. Conversely, another ATH can be seen if it surpasses the 20-day EMA and holds over the $100K mark.

Bitcoin Price Action and Whales Activity

Bitcoin Whales has offloaded 33,000 BTC. This has contributed to the current volatility in Bitcoin’s price, which hovers around critical support levels.

While BTC reached over $108K ATH, its failure to maintain this level raises concerns about future momentum. Defending the $95K support could be pivotal in determining the market’s direction.

If the Bitcoin price can regain and sustain levels above $100K, there is potential for another all-time high. However, slipping below the support could lead to a bearish trend. Market sentiment and whale activities will play a crucial role in Bitcoin’s near-term price action.

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.