Bitcoin hovers around $85,000 as whales and miners exit – Will the price of Bitcoin drop to $75,000?
The dormant whale made a profit of $85 million, and miners made $27 million, increasing the selling pressure on Bitcoin.
Bitcoin exchange-traded funds in the United States recorded five consecutive weeks of outflows, raising concerns about institutional support.
While the price of Bitcoin shows signs of recovery, the reversal after the retest could push the price to a Fibonacci level of $75,533.
With Bitcoin's price fluctuating near $83,000, it is going through a critical moment. After a decline of 2.12% on Sunday, Bitcoin saw a slight increase of 0.83% at the beginning of the week. However, this recovery may serve as a retest of the broken trend line, potentially leading to a price reversal towards $75,000.
The dormant whale cashes out $85 million in Bitcoin.
With the Bitcoin market being uncertain, a long-dormant whale moved to realize substantial profits. According to SpotOnChain, these entities deposited 300 Bitcoin worth $25.1 million on the FalconX platform after holding the asset for nearly a year and a half.
The whale originally purchased 1,500 Bitcoin from Cumberland on August 18, 2023,