Key facts
- A Bitcoin whale sold 7,770 BTC worth $576.6 million over three days.
- The whale deposited over 12,513 BTC into Binance prior to this selling period.
- Wintermute also made significant deposits and movements of BTC recently.
- Bitcoin's price has seen losses in the last 24 hours but remains up nearly 23% over the past week.
- Some analysts predict a potential pullback to $69,000-$70,000 before Bitcoin targets $80,000.
Bitcoin (BTC) has experienced some price losses today following a significant selloff by a large holder, despite having recently surpassed the $78,700 mark and adding nearly 23% over the past week. A mysterious whale, identified by the wallet address 'bc1qsy', has offloaded 7,770 BTC, valued at approximately $576.6 million, over the last three days. This move has sparked discussions among traders about potential selling pressure impacting the ongoing rally.
This whale's recent activity includes depositing over 12,513 BTC, worth $850 million, into Binance since July 19, a period when Bitcoin's price was relatively stagnant. Concurrently, Wintermute has also been active, depositing 590.9 BTC ($45.66 million) today and moving about 3,834 BTC ($256.8 million) over the past week.
At the time of writing, Bitcoin was trading at $77,321, down about 1% in the past 24 hours. While veteran trader Peter Brandt has expressed a bullish outlook, some analysts, like Tony Edward, believe Bitcoin is currently in an 'overbought' region. Edward suggests a potential pullback towards the $69,000-$70,000 range before the cryptocurrency could break through the $80,000 mark.