Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, is likely to see a significant drop in price as whales have sold billions of BTC.
Bitcoin Whale Dumps 20,000 BTC
On September 25, 2024, a popular cryptocurrency analyst posted an article on X (formerly Twitter) stating that Bitcoin whales had sold more than 20,000 BTC, worth $1.28 billion, in the past 24 hours.
This significant BTC sell-off occurred near the strong resistance level of $64,800, which has a history of price reversals and selling pressure. Additionally, this is the second time BTC has reached this level since August 2024. The last time it reached this level, the price dropped significantly by more than 16%. However, traders and investors are speculating about a similar price reversal this time.
Current BTC price momentum
At press time, BTC is trading near $63,720 and has gained over 1.35% in the past 24 hours. During the same period, its trading volume increased by 6%, indicating higher participation from traders and investors.
Bitcoin Technical Analysis and Key Levels
According to the expert's technical analysis, BTC looks bearish, possibly due to the $1.28 billion asset sell-off and the bearish double top price pattern on the daily time frame. In trading or investing, traders and investors often consider this pattern as a negative sign and indicate a possible price reversal.
With this pattern on the daily time frame, there is a strong possibility that BTC price could drop 10% to $57,300 in the coming days. However, this negative outlook will remain valid unless BTC closes the daily candle above $66,000, otherwise it could fail.
BTC's negative on-chain metrics
This negative outlook is now further supported by on-chain metrics. Coinglassâs BTC Long/Short Ratio is currently at 0.981, indicating bearish market sentiment among traders. Additionally, its futures open interest has increased by 1.5% over the past 24 hours, suggesting a possible accumulation of short positions amid the bearish outlook.
