Based

2024

Bitcoin’s price has been on a positive trend for the past week but it has unsuccessfully challenged the $65,000 level a few times.
According to on-chain data, BTC whales have been offloading a lot of their holdings lately, which could suggest more trouble on the horizon if they continue.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> whales sold over 20,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> in the past 24 hours, worth around $1.28 billion! <a href="https://t.co/METXwmIxCn" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/METXwmIxCn</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1838891579450273986?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 25, 2024</a>
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Popular crypto analyst Ali showcased the substantial sell-off that transpired earlier this week, in which, larger entities disposed of more than 20,000 BTC within the span of 24 hours.
This was among the biggest sales that occurred within just a day since the start of the year. In USD terms, the total value was just shy of $1.3 billion.
BTC’s price tumbled yesterday from almost $65,000 to under $63,000 but managed to recover most of the losses almost immediately. After <a href="https://cryptopotato.com/shib-pepe-post-major-daily-gains-btc-price-recovers-from-sub-63k-dip-market-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">jumping</a> toward $64,000 earlier today, it kept rising and currently sits at $64,400.
If whales’ behavior remains the same and they continue selling, BTC’s price actions could worsen again. Ali outlined $63,300 as the most crucial support level that has to hold, otherwise the cryptocurrency risks dropping to $60,365.
<blockquote class="twitter-tweet">
 Based on the most recent on-chain activity, $63,300 is the most important support level for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a>. If it holds, # BTC can rise to $65,500, but if it doesn’t, <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#BTC</a> will likely dive to $60,365! <a href="https://t.co/4RTFQRqClJ" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/4RTFQRqClJ</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1838976431222583318?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 25, 2024</a>
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The post <a href="https://cryptopotato.com/is-bitcoins-price-in-trouble-this-important-metric-suggests-short-term-pain-for-btc/" rel="noopener noreferrer nofollow">Is Bitcoin’s Price in Trouble? This Important Metric Suggests Short-Term Pain for BTC</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Is Bitcoin’s Price in Trouble? This Important Metric Suggests Short-Term Pain for BTC

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