Whales Sell 50K Bitcoin & Face Liquidity Crunch: What’s Next?

• 1 Bitcoin dominance is peaking at 55.76%, and the next resistance is at 60%, which could be its final peak.
• 2 Analyst Ali Martinez notes that BTC Whales sold more than 50,000 BTC ($3.30 billion) in 10 days.

The first decentralized cryptocurrency has given its investors huge returns of 165%, as per CoinMarketcap. The market cap value of crypto is $1.30 trillion, whereas the global crypto market cap is $2.41 trillion. In terms of percentage, BTC itself occupies the number one spot, with 54% of crypto’s overall market cap. 

Recently, the price has been in a consolidation for more than 100 days, and the upward trendline has been respected over time and over the daily chart.

Moreover, the BTC price fell by 1.41% in market value and by 5.24% in trading volume in the last 24 hours, per CoinMarketCap. As discussed above, its market value is $1.3 Trillion, and the trading volume is $25.753 Billion. When writing, there is 93.87% supply in circulation out of the total supply of 21 Million BTC coins. The circulating supply stands at nearly $19.712 Million BTC. 

However, since Bitcoin is trapped in a tight range of 60K to 73.5K, its liquidity is very low. The volume-to-market cap of 24 hours stands at 2.0%, which exemplifies weak liquidity. The BTC market needs a big liquidity boost at this crucial phase, which could take the BTC price to the next level.

What’s on X? Will There Be Bearishness in BTC?

According to Michael van de Poppe, Bitcoin dominance is peaking at 55.76%, and the next resistance would be at 60%, which could be its final peak. It could stop peaking beyond 60% due to rotation, which could happen as Ethereum ETF is going to be listed in the upcoming weeks.

In the meantime, a profile party shared a clip on X, in which the head of the SEC, Gary Gensler, in the United States, has suggested that spot Ether ETFs could receive final authorization for trading by the end of September, which would be around summer time.

Likewise, short-term bearishness could come in BTC, on analyzing hints shared by CEO of crypto quant Ki Young Ju on X, that in BTC traders’ average entry price is around somewhat $47K. 

Even with a 27% decline in price, it can still be considered a bull market, and seeing the landscape of BTC reader’s entry price chart, he shared financial advice that it is long-term bullish but to avoid excessive risks. So, investors and traders should stay cautious and not be hasty (DYOR).

What Has the On-Chain Analyst Found on Whales in BTC?

The on-chain Analyst Ali Martinez shared a graph signifying on-chain data from Santiment feed that revealed that the Bitcoin (BTC) whales have sold over 50,000 BTC in the past ten days, which totaled approximately $3.30 billion, a massive sale by whales. 

It is bearish news for the market, and investors and traders should be cautious (DYOR).

Bitcoin (BTC) Price Overview and Forecast!

The BTC traded at $66167 at press time, with an intraday rise of 0.24%.

The Bitcoin (BTC) indicators tools are fuzzy due to the consolidation witnessed in the last three months. 200-day EMA is on the bullish side, but 50-day EMA, MACD, and RSI are bearish.

Therefore, it looks safe until it obeys the trendline support and could go $70033 and $73,643. However, if it breaks the trendline since overall sentiment appears bearish, the price could hit near support levels of $60278 and $56393.

Summary

BTC holds 54% of the global crypto market cap and has been consolidating for over 100 days. Analyst Ali Martinez notes BTC whales are selling 50,000 BTC ($3.30 billion) in 10 days, cautioning investors. The current price is at $66167, and the indicators are mixed. Support levels are at $60278 and $56393, and resistance levels are at $70033 and $73,643.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.