$57 Million Bitcoin Dump Stuns Largest Crypto Exchange, Binance

Bitcoin (BTC) is back above $63,000 again, but there is a catch. This time, the BTC price tried to clear the $64,000 level but faced significant rejection from the resistance level of $65,000. Although it is not a concerning price move, crypto whales appear to be apprehensive about it.

Whale Alert, a leading crypto tracking service, has detected a massive Bitcoin sale from an unknown whale. It tweeted that the holder transferred 903 BTC from an unknown wallet to Binance, the leading crypto exchange in the world. This transfer, based on the Bitcoin price at that time, is estimated to be valued at $57 million.

This movement from the Bitcoin whale is crucial as it can shift sentiment on the market. Investors are still optimistic about the short-term prospects of Bitcoin. However, if whales, known for their large holdings and long-term holding tendency, start selling their assets, it can create FUD on the market.

Bitcoin price reaction

Many small traders and retail investors tend to follow the trading pattern and strategies of these large investors. A significant sell-off can trigger a more broader selling trend, hence, shifting sentiment from bullish to bearish. It remains to be seen whether today’s whale movement can trigger such an impact on the market. The Bitcoin price, as of writing this news story, is trading at $63,113.

It has jumped 1.73% in the last 24 hours. As mentioned before, BTC failed to hit the crucial $64,000 level, putting a hold on its rally. However, it is still holding above the $63,000 level, and as long as it tends to do it, there is a likelihood of clearing the next level. Bitcoin can then target the resistance level at $65,000 to trigger a more sustained price rally.