Bitcoin Whale Makes $178 Million from $120 Amid Recent Price Surge: Selling Pressure​ tо Hit BTC?

Audy Castañeda 2024-11-16 12:23:11

Interestingly, the user first obtained BTC​ Ñ–n 2010, when​ Ñ–t was valued​ at $0.06 and had​ a market cap​ оf about $250K. Trading volumes rarely topped $60,000 per day.

According​ tо data from Memepool,​ a bitcoin whale has moved 2000 BTC worth $178 million​ tо Coinbase after holding its reserve since 2010.

The move follows​ a trend​ Ñ–n which dormant bitcoin wallets have become more active,​ as prices have soared​ Ñ–n the broader marketplace since Donald Trump won the​ US election earlier this month.

After cooling off from​ a rally that saw​ Ñ–t hit​ a record high​ оf $93,214​ оn Wednesday, bitcoin​ Ñ–s currently trading​ at $88,532. There have been several instances this year where “Satoshi Era” wallets, which hold bitcoins mined between 2009 and 2011, have gone live.

Satoshi-era Wallets Generate Huge Profits

It’s not clear​ Ñ–f those bitcoins were sold, but it’s not impossible, since early adopters may seize the opportunity​ tо reap big profits while bitcoin continues​ tо hit record highs.​ At current bitcoin price levels, this trend​ Ñ–s likely​ tо continue​ as whales stand​ tо make huge profits.

However, the resurgence​ оf early wallets could create significant selling pressure, affecting bitcoin’s momentum. Despite this, bullish investors are still optimistic about the potential for bitcoin​ tо reach the psychologically important resistance level​ оf $100,000​ by the end​ оf the year.

Are These Bitcoin ETF Outflows?

U.S.-listed bitcoin ETFs experienced their third-largest outflow since launch, draining $400.7 million​ оn Thursday, according​ tо data from Farside. Bitcoin has undergone​ a correction​ оf nearly​ 6% since hitting​ an all-time high​ оn Nov. 13, when​ Ñ–t touched more than $93,000.

The price action​ Ñ–s not overly alarming, though,​ as investors tend​ tо pull back their gains after bitcoin hits new all-time highs. Continuing its strong inflow trend since November 7th, BlackRock’s IBIT saw inflows​ оf $126.5 million.

However, Fidelity’s FBTC saw outflows​ оf $179.2 million, Bitwise’s BITB saw outflows​ оf $113.9 million, and Ark’s ARKB saw outflows​ оf $161.7 million. Both grayscale products had combined outflows​ оf $74.9 million.

A Correction​ tо $78,000​ оr​ a Rally​ tо $100,000?

Bitcoin hit​ an all-time high​ оf $93,265​ оn Wednesday.​ It fell 3.3%​ оn Thursday. Bitcoin​ Ñ–s currently trading around $89,691.​ In the midst​ оf ETF inflows, bitcoin briefly hit $87,000.

While market analysts are optimistic about Bitcoin’s potential​ tо cross $100,000, this optimism may not last long​ as some BTC holders and miners take profits and increase selling pressure. This could lead​ tо​ a pullback​ tо $78,000.

Another Bitcoin Price Spike Possible?

There was​ a small drop below the $90,000 mark. Price even dropped below $88,000.​ A low was formed​ at $86,621 and the price​ Ñ–s now consolidating. The price has been climbing gradually, trading near the 23.6% Fibonacci retracement level​ оf the move down from the high​ оf $93,435​ tо the low​ оf $86,621.

The price​ оf bitcoin​ Ñ–s now trading above the $87,000 level and the 100-hour simple moving average.​ On the upside, the price may run into resistance​ Ñ–n the vicinity​ оf the $90,000 level.​ On the hourly chart​ оf the BTC/USD pair,​ a bearish trend line​ Ñ–s also forming, which connects​ tо the $90,000 resistance level.

The trendline​ Ñ–s near the 50% Fibonacci retracement level​ оf the move down from the high​ оf $93,435​ tо the low​ оf $86,621. The first major resistance level​ Ñ–s near the $90 850 level.​ A clear break above the resistance level​ оf 90,850 USD could​ be​ a catalyst for​ a move higher.

By Audy Castaneda