Ancient Whale Moves 80K BTC: Will Bitcoin Withstand the Selling Pressure?

A massive Bitcoin transaction from an old wallet has caught the attention of the crypto world. An ancient whale has shifted 80,000 BTC, sparking questions about market impact. The move raises concerns about Bitcoin’s ability to handle the selling pressure.  

Over the past few days, Bitcoin markets have witnessed seismic movements stemming from the reactivation of a legendary whale wallet. According to analytics by Spotonchain, over 80,000 BTC—worth approximately $9.54 billion—were moved between July 15 and 18. These coins, reportedly dormant for years, were transferred at an average price of $118,950, signaling a rare and momentous shift in supply dynamics.

Source: SpotOnChain

Bitcoin Hovers in Growth Zone: Is a Breakout on the Horizon?

Source: tradingview 

Bitcoin is currently trading between roughly $115K and $121K. The price is pressing against a nearby resistance at about $125K. If Bitcoin breaks this level, we might see it aim for around $131K. This move represents a potential growth of nearly 9% from its recent position. 

Even though the trend shows a slight drop over the last week, Bitcoin has climbed about 9% in the past month and 10% over six months. Indicators like the RSI and Stochastic show it has more room to grow. Bitcoin’s journey remains promising as it eyes the higher resistance levels.

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Conclusion

The transfer of 80,000 BTC by an ancient whale can create notable selling pressure. However, historical data suggests Bitcoin often withstands significant movement without major long-term impact on its price. Therefore, continued observation is needed to assess how much influence this large transfer will exert on market dynamics.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.