Can Bitcoin Bulls Overcome Whale Selling Pressure?

• Bitcoin reaches $64,817 before dropping 1.05%, with trading volume down 15%.
• Whales sell 20,000 BTC worth $1.28 billion, sparking market uncertainty.

Bitcoin is showing mixed signals as uptober—historically a strong month for the cryptocurrency—unfolds. After reaching a one-month high of $64,817 with a bullish surge, Bitcoin has since dropped 1.05% over the last 24 hours, trading at $63,602.91. Adding to the uncertainty, trading volume is down by 15%, reflecting a market in flux.

Despite this, Bitcoin’s fear and greed index remains skewed towards the bulls. Market sentiment shows 57% of the community remains optimistic about Bitcoin’s near-term future. Analysts are hopeful, noting that while volatility persists, the overall trend may favor further gains.

However, whales—large holders of Bitcoin—seem to be taking a different approach. Over the last 24 hours, whales have offloaded over 20,000 BTC, worth approximately $1.28 billion. Also, according to analyst Ali, each Bitcoin market peak over the past seven years has coincided with a sharp rise in realized profits. Notably, realized profits in March and May of this year soared to $9.50 billion and $10.16 billion, respectively.

Can BTC Keep Up With The Bulls?  

On the technical side, Bitcoin’s daily chart suggests a bullish trend. The 9-day Exponential Moving Average (EMA) sits at $62,814, and the Relative Strength Index (RSI) stands at 58, indicating neutral market conditions. Immediate resistance levels for BTC are set at $66,912 and $70,158, while downside risks could see it drop to $60,336, with support at $57,517.

Bitcoin’s ability to maintain its bullish momentum amid fluctuating trading activity and whale sell-offs will be key in the coming days. Traders and investors are closely watching for any signs of strength or potential reversals as the cryptocurrency navigates these pivotal resistance levels in an increasingly volatile market.