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A new record was so close bulls could taste the victory, but the achievement was blocked by massive whales who reloaded centralized crypto exchanges with a flood of BTC to be dumped, stopping the rally in its tracks. Here’s what this could mean for the crypto market over the next few weeks.
Related Reading | Time To Pay Attention: Where The Bitcoin Bull Market Correction Might End
A new all-time high in Bitcoin price could create a storm of FOMO, which whales potentially sought to stop just before the record was broken.
According to on-chain analytics, whales began moving BTC en masse to centralized crypto exchanges like Coinbase in the days and hours leading up to the near-recording breaking finish to the recent rally.
Whales got in the way of the crypto asset setting a new all-time high price record | Source: BTCUSD on TradingView.com
Where the rally stopped is notable for narrative-sake. Double-tops are notorious for causing unbreakable resistance, and the current price action is a candidate for such a top formation.
Whales Flood Crypto Exchanges With 93K BTC, Bring Bitcoin Rally To Abrupt End
Bitcoin was moments away from making history, setting a new all-time high in price and breaking the 2017 crypto bubble record. New BTC addresses are at record highs, as is hash rate, and even the cryptocurrency’s market cap. But so far, price couldn’t yet follow.Related Reading | Time To Pay Attention: Where The Bitcoin Bull Market Correction Might End
A new all-time high in Bitcoin price could create a storm of FOMO, which whales potentially sought to stop just before the record was broken.
According to on-chain analytics, whales began moving BTC en masse to centralized crypto exchanges like Coinbase in the days and hours leading up to the near-recording breaking finish to the recent rally.
Sell walls on Coinbase were reported, and whale watching on various crypto quant platforms were giving signs of their activity just before the selloff began.
Over $15 Billion In Profit Taken Since Peak Was Put In
Whales moved and sold as much as 93 BTC since the peak at $19,500, or roughly $1.5 billion in profit taken even at an average sell price of $17,000 per <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>coin.
Whales got in the way of the crypto asset setting a new all-time high price record | Source: BTCUSD on TradingView.com
Where the rally stopped is notable for narrative-sake. Double-tops are notorious for causing unbreakable resistance, and the current price action is a candidate for such a top formation.