This Whale Activity Suggests $100K for Bitcoin (BTC) Price This Week—But Who is Selling BTC Right Now?
The post This Whale Activity Suggests $100K for Bitcoin (BTC) Price This Week—But Who is Selling BTC Right Now? appeared first on Coinpedia Fintech News
The Bitcoin price is facing excessive selling pressure as the token slides down below $96,000 after holding the support at $98,000 for a couple of days. Besides, the trading activity over the platform has remained pretty high, suggesting a massive price action could be followed. Regardless of the growing uncertainty over the BTC price rally in the short term, the swelling whale activity and ETF accumulation indicate the $100K target could be fast approaching.
In the past 24 hours, nearly 1,40,000 traders have liquidated, with the total liquidation coming in at $390.78 million. The single largest liquidation order happened with Bitcoin on Binance worth over $13 million. This is reportedly dragging the levels lower, but in the meantime, the whales continue to accumulate BTC. As per the data from Lookonchain, 5 fresh wallets have withdrawn over 886 BTC worth $86.4 million.
This suggests the weak hands or the panic retail traders may have let out their holdings to the whales and also the institutions. In the latest update, Microstatergy purchased nearly 55,500 BTC for over $5.4 billion. Now they hold 386,700 BTC with an average rate of $56,761 per BTC. On the other hand, Bitcoin ETF has set a record-breaking netflow of over $3.38 billion in the past week. Additionally, Tether mints over $3 billion USDT as Bitcoin nears the $100K milestone, which is flashing bullish signals for the BTC price rally ahead.
Currently, the Bitcoin price continues to hold the crucial resistance despite the bears trying hard to drag the levels lower. The daily chart suggests the price is about to face a small dip as the RSI has displayed a bearish divergence and is approaching the upper threshold. If the levels drop below this range, the BTC price is expected to drain below $95,000, which could attract more liquidity, pushing the price to the $100K milestone somewhere in the next few days.
