Bitcoin Faces Potential Downturn as Whale Sell-Offs Increase: $63K Support Key
Bitcoin price has been flirting with the $65,000 resistance level but faces downward pressure due to a significant sell-off by BTC whales. If whales continue selling, Bitcoin could face further declines, with $63,300 acting as a crucial support level.
Bitcoin has been riding a wave of upward momentum over the past week, inching closer to the $65,000 mark. However, it has struggled to break through this resistance level multiple times. On-chain data now suggests that the cryptocurrency could be headed for some short-term pain if a recent trend continues.
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Large Bitcoin holders, often referred to as whales, have been offloading substantial amounts of BTC in recent days. According to a popular crypto analyst, Ali, more than 20,000 BTC was sold in just 24 hours earlier this week. This massive sale, valued at nearly $1.3 billion, was one of the largest single-day sell-offs seen so far in 2024.
Following this sell-off, Bitcoin’s price briefly fell from nearly $65,000 to under $63,000, only to recover most of its losses soon after. As of now, BTC has bounced back to $64,400 but remains vulnerable to further declines if whale activity persists.
Ali highlighted $63,300 as a crucial support level. Should Bitcoin fall below this mark, it risks declining further to $60,365. Traders are closely watching the behavior of large holders as any continuation of selling pressure could spell trouble for BTC’s short-term price action.
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