Will Bitcoin Price Crash? Whale Offloads $39M in BTC
![Will Bitcoin Price Crash? Whale Offloads $39M in BTC](https://cryptoinvestment.at/wp-content/uploads/2024/09/will-bitcoin-price-crash-whale-offloads-39m-in-btc.webp)
The post Will Bitcoin Price Crash? Whale Offloads $39M in BTC appeared first on Coinpedia Fintech News
Bitcoin (BTC), the world’s biggest cryptocurrency is poised for a massive price crash as whales and institutions have dumped notable BTC in the past 24 hours. On September 5, 2024, prior to the opening of the US Stock market, a smart Bitcoin whale dumped a significant 680 BTC worth $38.77 million to the Binance.
Whale Sell-off Millions Worth BTC
This smart whale purchased a significant 4,562 BTC worth $120.66 million at an average price of $26,449 in late 2022. However, he sold 3,938 BTC worth $181 million when BTC was trading near the $46,000 level. Combining all these sell-offs, this smart whale has made a profit of approximately $96 million.
The recent massive dump occurred when BTC was trading near the $57,000 level and formed a strong bearish candle on the four-hour time frame. Since this dump, the BTC price has been continuously falling, heading toward the $54,000 level. Additionally, dormant BTC holders have also become active, which is a potentially bearish sign.
Bitcoin Price Could Fall to $54,000 Level
According to expert technical analysis, BTC looks super bearish. It is also forming a pattern where each recent high price is lower than the one before, and each low price is also lower. This suggests a downward trend. If BTC closes a four-hour candle below the $56,000 level, there is a strong possibility it could fall to the $54,000 level in the coming days.
![](https://image.coinpedia.org/wp-content/uploads/2024/09/05215035/BTCUSDT_2024-09-05_21-50-14-1024x448.png)
On-Chain Metrics Signaling Massive Sell-off
Besides this price action, BTC’s on-chain metrics data is also signaling a massive sell-off. CoinGlass’s BTC Long/Short Ratio chart is below one and currently stands near the 0.953 level indicating a bearish sentiment among traders. At present, 51.2% of top BTC traders are holding bearish short positions, while only 48% are holding long positions.
![](https://image.coinpedia.org/wp-content/uploads/2024/09/05215121/jmn-1024x261.png)
Additionally, BTC futures open interest has been continuously falling, indicating lower interest from top traders amid bearish sentiment. Since August 24, 2024, the BTC’s open interest has dropped from $34.72 billion to $29.33 billion.
![](https://image.coinpedia.org/wp-content/uploads/2024/09/05215146/kjnmk-1024x353.png)
Bitcoin Price Momentum
At press time, BTC is trading near the $55,900 level and has experienced a price drop of 3.7% in the last 24 hours. Meanwhile, its trading volume has increased by 12% during the same period, indicating higher participation from traders amid this sharp price decline.