Bitcoin Crash Prediction: BTC Whales Sell $600 Million Worth of Assets

Bittime – Bitcoin is facing strong selling pressure. This indication emerged after a prominent trader reported that a large amount of Bitcoin had been sold by whales or large investors.

The following is a more detailed explanation regarding the prediction of a Bitcoin crash due to whales selling BTC massively.

Massive Selling of Bitcoin by Whales

According to reports, whales have sold more than 10,000 BTC worth around $600 million in the past week via centralized (CEX) and decentralized (DEX) exchanges. This action has attracted widespread attention and has the potential to influence the price of Bitcoin.

Bitcoin Technical Analysis

Technically, Bitcoin is showing bearish signals. The price is below the 200-day exponential moving average (EMA), which is an important indicator for many traders.

Additionally, the price drop below the $60,000 resistance level strengthens the bearish outlook.

If the bearish trend continues, Bitcoin price could potentially fall as low as $52,700 in the coming days. However, to reverse the trend, Bitcoin would need to close above $62,000 within a single trading day.

When this article was written, Bitcoin was experiencing an increase of +1.54% according to the chart above. Currently, the price of BTC in IDR is 957,007,771 or around $60,832. 

This increase is of course not good news because recently, BTC has been very volatile in its movements and has experienced declines more often.

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Other Market Indicators

In addition to the price drop, Bitcoin trading volume also decreased by 22% in the last 24 hours, indicating decreased interest from traders. Bitcoin open interest also fell 1.5%, indicating a decrease in open positions.

Factors Affecting Bitcoin Prices

Bitcoin prices are influenced by various factors, both internal and external. Some of the main factors include:

1. Market Factors

• Demand and Supply: Like any other asset, Bitcoin's price is determined by the balance between supply and demand. An increase in demand will push prices up, while an increase in supply can put pressure on prices.
• Market Sentiment: Investor sentiment towards Bitcoin is very influential. Positive or negative news can cause significant price volatility.
• Institutional Investors: The participation of institutional investors, such as large investment firms, can have a major impact on the Bitcoin market.

2. External Factors

• Government Regulations: Government policies regarding cryptocurrencies can affect the price of Bitcoin. Favorable regulations can encourage growth, while strict regulations can suppress prices.
• Global Economic Conditions: Economic factors such as inflation, interest rates, and recessions can affect the cryptocurrency market as a whole.
• Blockchain Technology: The development of blockchain technology and its application in various sectors can influence investors' perceptions of Bitcoin.

3. Technical Analysis

Technical analysis involves the study of historical market data to predict future price movements. Technical indicators such as moving averages, RSI, and MACD can be used to identify trends and trading opportunities.

4. Fundamental Analysis

Fundamental analysis involves evaluating Bitcoin's intrinsic value based on factors such as blockchain technology, adoption, and long-term growth potential.

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Conclusion

Massive selling of Bitcoin by whales and negative technical indicators raise concerns about a potential decline in Bitcoin prices.

However, the cryptocurrency market is known for its volatility, so the situation can change quickly.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.