Whales dump $1.2B in BTC: Is a drop to $60K next?

Over the past few days, a significant number of large holders and whales have sold approximately $1.2 billion in Bitcoin, which has had an impact on the market. This sell-off is occurring at a time when the cryptocurrency industry is facing negative sentiment among numerous investors as a result of the monetary policies implemented by the Federal Reserve.

With Bitcoin’s price now trading significantly below $65,500, one can begin witnessing the consequences of these sell-offs. During trading hours, the cryptocurrency was trading below $64,100. Data from CryptoQuant also reveals that whales, considered big buyers, are not keen to buy at these prices. This may indicate that Bitcoin may not rise in the next few days.

However, there are reports that people involved in the mining of cryptocurrencies have started shifting their attention to this new trending sector of artificial intelligence. Instead of retaining the Bitcoin rewards they received, they are actively disposing of them. This trend could be one of the reasons for the bearish pressure observed in Bitcoin prices recently. Also, due to issues such as lower retail sales and declining inflation rates, the U.S. dollar is experiencing its fair share of instability and investor caution.

These factors suggest that the short-term development of Bitcoin remains unpredictable. The levels that may be of critical importance as resistance levels are $66,800, $67,800, and $68,500, while the support levels are $64,200, $63,200, and $62,300. These indicators suggest that the downward move in the charts might continue until overall market conditions or investor sentiment changes drastically.

While there may be hopes for a recovery, Bitcoin will experience further fluctuations in the near term. If the current conditions persist, they may go even lower and are highly likely to reach $60,000. Speculators and analysts will pay close attention to changes in any of the economic indicators and fluctuations in the large-scale exchanges that reflect any changes in the flow of the Bitcoin market.