This week, Bitcoin whales sold cryptocurrency in large volumes. The surge in sales coincided with BTC returning to the $100,000 mark, raising concerns about the asset's ability to maintain this important level.
If the trend continues, Bitcoin is unlikely to set a new all-time high by the end of this year.
Major players are selling Bitcoin
Data from the analytical platform IntoTheBlock shows that the net inflow of large Bitcoin holders—a metric tracking net purchases or sales by addresses holding more than 1% of the circulating supply—has changed significantly over the past week. A week ago, when the price of Bitcoin hovered around $97,885, the net inflow was 28,570 BTC.
However, in recent days, the net inflow has dropped to -3,960 BTC. This means that whales sold Bitcoins worth approximately $400 million.
Slowing Bitcoin outflows from exchanges confirm this scenario. This metric measures the number of coins sent from centralized platforms to external wallets. A decrease in outflows from exchanges indicates investor uncertainty about the asset's future price dynamics, which could negatively impact the price.
BTC price forecast: $91,000 may not be far off
On the daily BTC/$ chart, the MACD indicator has dropped into negative territory. The MACD measures momentum: its positive values indicate a bullish trend, while a decrease signals the opposite.
This decline indicates that Bitcoin is unlikely to hold around $100,000. In that case, the nearest significant support will be around $91,918. If market conditions become extremely bearish and selling pressure intensifies, the price of the leading cryptocurrency risks falling to $80,437.
However, if the bulls start to dominate again, Bitcoin will have a chance to rise above the resistance at $101,173 and then update its all-time high.