Key Summary:
Bitcoin whales have sold 147,000 bitcoins in the past 30 days.
If the support level is breached, the target price for the bearish flag pattern in Bitcoin's price is $100,000.
Analysts point out that Bitcoin whales have sold approximately 147,000 bitcoins over the past month, and the ongoing sell-off is expected to exert greater pressure on prices in the coming weeks.
Bitcoin whales, typically large entities holding over 1,000 bitcoins, began selling after Bitcoin's price broke a new high of $124,500 in August.
Julio Moreno, head of research at CryptoQuant, noted that the net reduction in whale holdings over the past month amounts to 147,000 bitcoins, equivalent to about $16.5 billion at current market prices. The holdings have decreased by more than 2.7% in the last 30 days.
He added:
CryptoQuant analyst Darkfost pointed out in a response that the sell-off is primarily carried out by long-term holders (LTH) whales.
According to Darkfost's post on X platform on Monday, "Long-term holders continue to transfer Bitcoin," adding that the younger LTH group (six to twelve months) has conducted over ten transfers since the beginning of September, with each transfer amounting to between 8,000 and 9,000 bitcoins.
Glassnode data shows that despite the accelerated transfer behavior of whales, the number of bitcoins transferred to exchanges since the end of August has been relatively low, indicating that some bitcoins may be flowing to other channels.
Recently, Bitcoin Reserve, as one of the largest buyers, has been actively increasing its Bitcoin holdings. Japan's Metaplanet added 5,419 bitcoins last week, becoming the fifth-largest Bitcoin holder.
Michael Saylor's Strategy added 850 bitcoins last week, costing $99.7 million, bringing its total Bitcoin holdings to 639,835.
Crypto investment firm River pointed out that the amount of Bitcoin held by businesses has surpassed that of ETFs, and the accumulation trend continues.
Businesses now hold more bitcoin than ETFs. Both will keep accelerating their accumulation. The big question: at what price will individuals be selling to them? pic.twitter.com/2xACLjHuyJ
Therefore, despite the selling pressure from whales, strong ETF inflows and corporate reserve buying are establishing a structural bottom in the market, absorbing the profit-taking from long-term holders and whales.
Bitcoin fell below $116,000 on Sunday, confirming the bearish flag pattern on the daily chart (see below), suggesting that the downtrend will continue.
Bulls have also lost the 50-day SMA ($114,300) and the 100-day SMA ($113,400), further highlighting the selling pressure in the market.
Currently, bulls are hoping for support in the range of $112,000 to $110,000. If the daily close falls below this range, it will trigger a new round of selling, with the technical target pointing to the bearish flag level of $100,000. This means that Bitcoin's price could drop another 11% from current levels.
The relative strength index has dropped from 61 to 44 over the past week, indicating that downward momentum is building.
According to Cointelegraph, if buying power strengthens, Bitcoin's price may find support again around $106,000 after further retracement.
Related: Ethereum at a critical moment: ETH price pattern breaks, $4,000 becomes the last line of defense.
This article does not contain any investment advice or recommendations. All investment and trading activities carry risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin Whales Offload 147K BTC in a Month: Is the Next Stop $100K?”
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