Bitcoin price is now trading at about 15% less than a few days ago, hitting a new record at just a few hundred dollars.
A new record was so close that bulls could taste victory, but the feat was blocked by massive whales reloading centralized crypto exchanges with a flood of BTC to be dumped, halting the rally in its tracks. Here’s what this could mean for the crypto market in the coming weeks.
Whales are flooding crypto exchanges with 93K BTC, abruptly ending Bitcoin rally
Bitcoin was just moments away from making history, set a new record in price and break the crypto bubble record in 2017. New BTC addresses are at record highs, as is the hash rate and even the cryptocurrency’s market cap. But so far the price could not follow.
Related reading | Time To Watch: Where The Bitcoin Bull Market Correction Could End
A new record high in Bitcoin price would be a storm from FOMO, which may have been trying to stop whales just before the record was broken.
According to on-chain analyzes, whales began to move BTC en masse to centralized crypto exchanges like Coinbase in the days and hours leading up to the near-record-breaking finish of the recent rally.
This decline started as soon as whales started depositing BTC on exchanges. More than 93 thousand Bitcoin’s were deposited on centralized exchanges. pic.twitter.com/ntq1yIlDeV
– intotheblock (@intotheblock) November 27, 2020
Sell Walls on Coinbase were reported, and whale watching on various crypto-quantitative platforms showed signs of their activity just before the sell-off started.
More than $ 15 billion in profit since the spike entered
Whales have moved and sold a whopping 93 BTC since its peak at $ 19,500, or about $ 1.5 billion in profit, even at an average sale price of $ 17,000 each. mint.
Whales got in the way of the crypto asset setting a new all-time high price record | Source: BTCUSD on TradingView.com
Where the meeting ended is remarkable for the sake of story. Double tops are notorious for causing unbreakable resistance, and the current price action is a candidate for such a top formation.
It could be enough to spark a bearish wave of doubt in the cryptocurrency just as some negative news is starting to trickle into the market, in terms of self-custody in the US.
The double story caused by whales that make a profit during an extremely profitable year could give the feeling necessary for the final shakeout before the cryptocurrency goes fully parabolic and races to its next high.
All of that starts with a breakthrough from the previous all-time record. Will whales continue to block the new record, or will crypto’s unstoppable bullish momentum submerge the whales?
Featured image from Deposit Photos, Charts from TradingView.com