Bitcoin (BTC) may struggle to maintain its bullish momentum as some whales make concerning moves. đ It seems that selling pressure is on the rise, potentially stalling a much-anticipated upward rally. Many in the community are optimistic about Bitcoin's prospects this October, affectionately dubbed "Uptober." đ
However, a wave of investors is opting to liquidate their holdings. đ According to Whale Alert, a notable Bitcoin whale transferred 3,333 BTC from a private wallet to Coinbase, the largest cryptocurrency exchange in the U.S. đșđž This transaction is estimated to be valued at approximately $213 million, based on current Bitcoin prices. đ°
### Bitcoin Price Response đ
Whales typically retain their coins in wallets when they donât intend to sell immediately, often employing long-term holding strategies. đ However, this transfer to Coinbase suggests that the investor may be gearing up to sell these coins on the exchange.
Itâs likely that this whale is looking to realize profits, given that BTC is still trading at elevated levels compared to recent months. đ While taking profits is common among investors and usually doesnât signal major negativity for the market, a significant sell-off like this can still exert short-term pressure. â ïž
At present, Bitcoin's price has dipped 2.57% over the last 24 hours. âł This slight decline is likely a direct result of the increased selling pressure, among other factors. The silver lining is that BTC is still trading at $64,058. đ Maintaining this price level is crucial for Bitcoin. Although the BTC price has encountered resistance around this range, it continues to hold above it, which is a positive indicator amidst the selling pressure. đ
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