Bitcoin whales holding between 100 and 10,000 BTC have collectively sold 50,000 BTC in the past five days. This amount of Bitcoin is roughly converted to 3 Billion Dollars using a value of 61 thousand dollars. The sales by the whales were captured by Santiment in the following statement and a chart showing a 50,000 BTC drop in their collective properties.
Bitcoin’s ‘Millionaire Addresses’ (currently valued at ~ US $ 6.1 million to $ 610 million) has collectively sold about 50,000 BTC in the past five days. The cryptocurrency’s # 1 asset has seen volatility rise, but has remained above $ 60,000 since April 10.
Bitcoin’s dropped from the Rising Triangle, support is now $ 60,000
Yesterday, Crypto King, after the news that prohibit the use of all crypto currency as a form of payment of the Central Bank of Turkey 60 thousand dollar fell to a low-level local. However, Bitcoin soon returned to hit a local peak of $ 62,500 earlier today. In the process of bailing out, Bitcoin formed a rising wedge pattern that breaks down as can be seen in the graph below.
From the chart, it can be observed that Bitcoin is in a bearish zone once again, and the $ 60,000 price area acts as a macro support as it approaches very close at the weekly close.
Moreover, the 50 (white) and 200 (green) moving averages on the hourly chart above seem doomed to a reverse transition in the following hours. The red trading volume also confirms the selling environment reinforcing the same as the one hour MFI and RSI.
If Bitcoin can bounce off the $ 60K price level once again, it will hit a double bottom that could take it to new highs and set all-time highs.
However, if the bearish momentum is sustained between now and the new week, Bitcoin could be facing a continuation of the bearish scenario with the following areas offering additional short term support.