The post Will Bitcoin Price Crash? Whales Dump $600 Million Worth of BTC appeared first on Coinpedia Fintech News

Bitcoin (BTC), the world’s biggest cryptocurrency by market capitalization, looks bearish and may crash once again. A prominent trader posted on X that Bitcoin Whales have offloaded a significant amount of Bitcoin as its price fell below $60,000.

Why Bitcoin Price Crash is Looming?

According to the post on X, these whales have offloaded over 10,000 BTC worth approximately $600 million to the exchanges, including centralized (CEXs) and decentralized (DEXs), in the past week. This post on X has gained massive attention as it has the potential to impact the BTC price. 

After a 15% price rally in BTC, it has been continuously falling and has experienced a decline of over 4% in the last three days. The potential reason behind this significant BTC dump is the recent market crash on August 5, 2024, and the investors’ interest in BTC as its price continues to drop. 

Bitcoin Price Prediction 

According to expert technical analysis, Bitcoin (BTC) looks bearish as it is moving below the 200 Exponential Moving Average (EMA) daily. In addition to the 200 EMA, a strong bearish candle below the resistance level of $60,000 further strengthens the bearish outlook for BTC. 

If the sentiment remains unchanged, it is highly probable that it will crash another 12% to the $52,700 level in the coming days. However, BTC must give a strong daily candle-closing above the $62,000 level for an upside rally. 

At press time, BTC is trading near $59,120 and has experienced a price decline of over 1.7% in the last 24 hours. Meanwhile, its trading volume has decreased by 22% during the same period, indicating lower participation from traders and investors.

Additionally, BTC’s open interest has also fallen, dropping by 1.5% in the last 24 hours, according to data from the on-chain analytic firm CoinGlass.

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