Last news
Whale Сashes Out $1.58 Billion In BTC As Recovery Peaks

Whale Сashes Out $1.58 Billion In BTC As Recovery Peaks


As Bitcoin continues to recover from its all-time high, one Bitcoin whale decides to cash out a mind-blowing sum.

A few hours ago, one anonymous Bitcoin whale decided to withdraw 23,785 BTC worth $1.58 billion into fiat. At the same time, the main cryptocurrency is trying to recover after reaching an all-time high this week. The reason investors decided to get rid of their Bitcoin holdings may be to realize profits from the price rise. After a sharp pullback from ATH, Bitcoin recovered 12% rather quickly and is now back near the all-time high.

However, analytics firm Santiment claims that the number of whale transactions of at least $100,000, has dropped 17.5% in the last 24 hours, from 24,313 to 20,048 unique transactions per day. This comes amid a Bitcoin rally.

The Bitcoin whale's recent actions may have had a negative impact on the price movement. At the time of writing, the asset is up 2% in the last 24 hours and was trading at $67,063.

Source and Copyright © TradingView

The Bitcoin price started its fall from a new all-time high of $69,218 to $59,150 before cutting its losses. The asset quickly rose above $65,000, but bears came into play, preventing the price from breaking above the $67,500 level. The high was formed at the $67,790 level.

Resistance is near the $67,000 level where a short-term bearish trend line is formed. The next key resistances could be $68,000 and $69,200. If there is a clear move higher, the price could move up to the $70,000 level, a price that investors are actively building into their pre-halving expectations.

On the negative side, if Bitcoin fails to rise above the $67,000 resistance zone, another correction down to $66,650, $65,000 and $62,500 could begin.

This is not a 100 percent statement. The cryptocurrency market is very volatile. Investors should exercise caution.

Subscribe to Cryptonica.News
on social networks

The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

How useful is this article for you?
Thank you for your review!

Last news