BTC whales awaken! 4.2 billion in sell pressure strikes the crypto circle, Bitcoin plummets below the life-and-death line overnight!
Technical cliff, the downward trend has formed.
Current market data is suffocating. Bitcoin prices struggle around 105545.7, precariously walking the edge of the lower Bollinger Band around the 105500 area. The Bollinger Band opens downward, indicating that the downward momentum is still being released.
The MACD indicator shows a faint warmth on the surface: DIF: -395.1, DEA: -396.3, the MACD histogram turns red to 2.4. But this is not a sign of reversal; rather, it is a brief respite after a crash. Like a dying patient’s fleeting revival, the strength of the rebound is weak and fragile.
More severely, the key mid-band defense line at 106150 has been completely breached; this position was originally a watershed for bulls and bears, now turned into strong resistance. If the price rebounds to this level, it will face massive sell pressure. The psychological barrier at 105000 becomes the last defense; once breached, the space for a plunge will be fully opened.
Whales awaken, 4.2 billion in sell pressure looms.
Last night's market crash was triggered by two explosive pieces of news that ignited panic:
The ten-year whale awakening from Mt. Gox: this platform once handled 70% of global Bitcoin transactions and went bankrupt due to a hacker attack, now its cold wallet has suddenly moved. A single transfer of 40,000 BTC worth about 4.2 billion, on-chain alerts confirm that some Bitcoin has flowed into the Japanese Bitbank exchange. The creditors' compensation process is about to begin, and the potential sell-off looms like a ghost over the market.
The German government continues to sell: following the transfer of thousands of Bitcoins last week, German authorities transferred over 2500 BTC to exchanges this morning. The ongoing national-level sell-off, combined with Mt. Gox, has completely shattered the already fragile market confidence.
Market projections indicate that the time to bottom-fish has not yet arrived.
In the current situation, blindly bottom-fishing is akin to catching flying knives with bare hands. Two waves of 'official sell pressure' are far from over: the follow-up compensation from Mt. Gox involves over 140,000 BTC, and the German government still holds tens of thousands of coins waiting to be sold. Such a level of supply shock is not something that can be digested in the short term.
The technical aspect is equally perilous. The lower Bollinger Band continues to bear pressure, and the slight recovery in MACD is unable to withstand massive sell-offs. If the critical psychological level of 105000 is breached, the price will head straight for 100000 USD, even probing the strong support area of 98000.
Any rebound approaching the 106150 mid-band resistance is an opportunity to reduce positions and escape. The market needs time to digest the panic sentiment and massive sell pressure; the real bottom will form amidst repeated oscillations and despair.
Survival rules for retail investors.
History always repeats itself: the Bitcoin transfer route map from Mentougou is strikingly similar to the on-chain trajectory before the asset sell-off following last year's FTX bankruptcy.
Amid market panic, the Bitcoin balance on exchanges quietly climbs to a multi-month high — CryptoQuant data shows that in just 24 hours, the net inflow at Bitbank alone surged by 300%. Every breath of the whales creates a tsunami on the retail accounts.
$BTC
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