- Whale Sell-off Millions Worth BTC
- Bitcoin Price Could Fall to $54,000 Level
- On-Chain Metrics Signaling Massive Sell-off
Bitcoin (BTC), the world’s biggest cryptocurrency, is poised for a significant price correction as whales and institutional investors conduct major sell-offs.
Whale Sell-off Millions Worth BTC
On September 5, 2024, before the opening of the US Stock market, a major bitcoin holder sold 680 BTC worth $38.77 million on Binance. This major investor had purchased 4,562 BTC worth $120.66 million in late 2022 at an average price of $26,449, and then sold 3,938 BTC worth $181 million when bitcoin was trading around $46,000. The total profit from these sales amounted to approximately $96 million.
Bitcoin Price Could Fall to $54,000 Level
Technical analysis shows a bearish trend for bitcoin. Currently, the price demonstrates a consistent decline: each new high is lower than the previous one, and each new low is also lower than the previous one. If bitcoin closes a four-hour candle below the $56,000 level, there is a high likelihood it could fall to the $54,000 level in the coming days.
On-Chain Metrics Signaling Massive Sell-off
On-chain metrics data also confirms a massive sell-off. According to CoinGlass, the BTC Long/Short Ratio chart stands at 0.953, indicating a bearish sentiment among traders. Currently, 51.2% of major traders are holding short positions, while only 48% are holding long positions. Bitcoin futures open interest is also falling, decreasing from $34.72 billion to $29.33 billion since August 24, 2024.
At press time, bitcoin is trading near the $55,900 level, having dropped 3.7% in price over the last 24 hours, while trading volume increased by 12%, indicating higher trader activity amid the price decline.
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