Bitcoin Faces Critical Resistance: A Bull Trap or a Buy Opportunity?

Bitcoin Faces Critical Resistance: Rebound or the Start of a Bigger Drop?

Bitcoin, which fluctuates at $83,000, is at a pivotal point. Bitcoin began the week with an intraday rise of 0.83% after a 2.12% decline on Sunday. The intraday rebound, though, could be a retest of a broken trendline. It’s unclear if this will cause Bitcoin to drop back to the $75,000 mark.

Bitcoin Whale Profits $85.7M: Is Another Major Sell-Off Coming?

On the other hand, after almost a year and a half of inactivity, a crypto whale has booked profits. SpotOnChain reports that a crypto whale who deposited $300 BTC on FalconX made $85.7 million. The value of the deposit is close to $25.1 million. On August 18, 2023, the whale paid an average of $26,353 for 1,500 BTC from Cumberland. At the time, this was valued at around $39.5 million.

Massive Bitcoin transfers are the result of the entity’s recent change in trading strategy. When Bitcoin is trading close to $83K, the whale decided to cash out $25.1 million. Whale transferred 1,050 BTC, or $87.2 million, to two new wallets after the exchange transfer. Lastly, $12.5 million worth of 150 Bitcoin is still in the original wallet.

Bitcoin ETFs Bleed $1.67B in March: More Pain Ahead?

In addition to the crypto whale, Ali Martinez draws attention to the Bitcoin miners‘ enormous profit-booking rampage. Bitcoin miners have reportedly made over $27 million in profits, the analyst claims. The early miners’ profit in USD is highlighted in this data.

However, institutional backing for Bitcoin is still dwindling as it remains vulnerable. An outflow of $3.56 billion was recorded by Bitcoin ETFs in February. March’s outflow has increased to $1.67 billion currently. There have been inflows into the ETFs just four days since February 6. An additional week of poor performance is more likely as ETF outflows continue to rise. This might have an impact on the eventual decline in the price of Bitcoin.

For more up-to-date crypto news, you can follow Crypto Data Space.