The Whales dumped ahead of BTC ATH and the coin is now trading at roughly 15% less than a day ago, slowly preparing to hit a new all-time high, falling short of a few hundred dollars so let’s read more in the latest Bitcoin news.
A new record was about to give the bulls a taste of victory but the achievements were blocked by huge whales ahead of the BTC all-time high and reloaded centralized crypto exchanges with a huge amount of BTC to be dumped and therefore stopping the rally in the tracks. Bitcoin was a few moments away from making history and even set a new all-time high in price and breaking the 2017 bubble record. The new all-time high in BTC will create a new storm of FOMO which whales wanted to stop before the record was broken.
According to the on-chain analytics, the whales started moving BTC en masse to centralized exchanges like coinbase in the days and hours leading up the near-recording breaking finish to the recent rally. Sell walls on the exchange were reported and the whale watching on different quant platforms was giving signs of more activity before the selloff started. Whales moved and sold about 93 BTC since the peak the 19,500 or about $1.5 billion in profit taken at the average sell price of $17,000 per coin. Where the rally stopped is important for the narrative-sake. The double-tops are known for causing unbreakable resistance at the current price action that could start a top formation.
This price movement will be enough to cause a bearish wave of doubt in the crypto space just as some news that trickle the market in terms of sell-custody regulation in the US. The double-top narrative caused by the whales that took profit during the profitable year could also provide more sentiment that is necessary for the final dump before the crypto goes parabolic and hits a new peak in the upcoming week. All of this started with a break of the previous all-time high so will the whales continue to block the new record or will BTC be unstoppable?
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