In this ongoing challenging situation, investors and traders are confused about whether the market will move up or down. Amid this uncertainty, whales have recently dumped millions worth of Bitcoin (BTC). Today on July 8, 2024, on-chain analytic firm Lookonchain made a post on X that Whale has deposited a massive 809 BTC worth $45 million to Binance in the last 1 hour.

After Germany, this whale sell off $45M of BTC

Lookonchain also noted that this whale has deposited a notable 7,790 BTC worth $468 million to Binance since June 27, 2024. Additionally, this Whale now holds a massive 6,559 BTC worth $379 million. 

However, today before this whale BTC dump, the government of Germany also deposited a massive 1,000 BTC worth $55.8 million. Out of this 1,000 BTC, they have transferred a notable 500 BTC worth $27.9 million to Coinabse and Bitstamp, while the remaining 500 BTC worth $27.9 million was transferred to an unmark wallet address “139PoPE.”

However, following this massive deposit, as of now the government holds a huge 38,826 BTC worth $2.17 billion.

Why BTC price falling?

This notable BTC transfer may create selling pressure in the market. According to a recent report, the crypto Fear and Greed index has plummeted to its lowest level since early 2023, meaning extreme fear in the market.

This happened following the sale of massive BTC by whales, the United States, and German governments, as well as the refund of BTC from Mt Gox. Additionally, the analyst is also forecasting that BTC may sink to $50,000 in the coming days. 

Despite this notable selling pressure across the market, the price of BTC recently experienced a massive jump from $54,000 to $58,214 in just two 4-hour candles.

Bitcoin technical analysis and key levels

According to expert technical analysis, BTC is currently experiencing strong resistance near the 200 Exponential Moving Average (EMA) near the $58,200 level. The BTC price below 200 EMA on a daily time frame signals a strong bearishness in the chart. Looking at the current market sentiment there is a high chance that BTC may reach $53,000 or even more if this sell-off continues.

As of writing, BTC is currently trading near $57,150, and in the last 24 hours, it experienced a 1% downside momentum. However, in the Asian trading hours, this price drop was over 4%. Additionally, in the same period, trading volume surged by 58% strong investors and traders participation. Whereas, in the last 7 days BTC has lost over 9% of its gain.