The post Will Bitcoin Price Crash? Whale Activity and Metrics Show Bearish Signs appeared on BitcoinEthereumNews.com.

Bitcoin (BTC), the world’s biggest cryptocurrency is poised for a massive price crash as whales and institutions have dumped notable BTC in the past 24 hours. On September 5, 2024, prior to the opening of the US Stock market, a smart Bitcoin whale dumped a significant 680 BTC worth $38.77 million to the Binance. Whale Sell-off Millions Worth BTC This smart whale purchased a significant 4,562 BTC worth $120.66 million at an average price of $26,449 in late 2022. However, he sold 3,938 BTC worth $181 million when BTC was trading near the $46,000 level. Combining all these sell-offs, this smart whale has made a profit of approximately $96 million. The recent massive dump occurred when BTC was trading near the $57,000 level and formed a strong bearish candle on the four-hour time frame. Since this dump, the BTC price has been continuously falling, heading toward the $54,000 level. Additionally, dormant BTC holders have also become active, which is a potentially bearish sign. Bitcoin Price Could Fall to $54,000 Level According to expert technical analysis, BTC looks super bearish. It is also forming a pattern where each recent high price is lower than the one before, and each low price is also lower. This suggests a downward trend. If BTC closes a four-hour candle below the $56,000 level, there is a strong possibility it could fall to the $54,000 level in the coming days. Source: Trading View On-Chain Metrics Signaling Massive Sell-off Besides this price action, BTC’s on-chain metrics data is also signaling a massive sell-off. CoinGlass’s BTC Long/Short Ratio chart is below one and currently stands near the 0.953 level indicating a bearish sentiment among traders. At present, 51.2% of top BTC traders are holding bearish short positions, while only 48% are holding long positions.  Source: CoinGlass Additionally, BTC…

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Filed under: News - @ September 5, 2024 11:18 pm