Bitcoin price in the past few hours, broke out of the consolidation and soared high to reach the yearly milestone of $30,000. After multiple rejections close to $29,000, it was assumed the price may face a steep decline after testing the resistance again. But as the market sentiments appear to have geared up ahead of the significant Ethereum Shanghai Upgrade, the trend flipped iconically.
While the market participants believe in the upswing’s longevity, the whales appear to be preparing for diverse action. A bitcoin whale is constantly extracting profits and probably creating acute selling pressure within the crypto space. As per the reports from the on-chain analytical platform Lookonchain, a whale has moved 2000 BTC from his wallet to Binance.
The data also reveals that the whale during the last month also moved 2500 BTC to Binance. The whale had earlier received 15,762 BTC from Huobi and Binance in Q4 2022, with an average price of $19,967. However, if he sells BTC at the current prices, he may incur more than 80% in profits.
Meanwhile, no significant drop was recorded in March, and hence it can be assumed that the whales played no role in mounting selling pressure. Besides, the BTC price, which maintained a sideways trend, echoes the involvement of the whales. Similar action may be expected currently, or if they move ahead to liquidate some, a drop below $27,000 may be imminent.
Source: https://coinpedia.org/price-analysis/bitcoin-whales-gearing-up-transferred-2000-btc-again-whats-next-for-btc-price/