bitcoin BTC is struggling to surpass the $17,500 level as miners and whales continue to liquidate their holdings. The FTX exchange, which went bankrupt in November, triggered the pressure on the Bitcoin front.
According to a data shared by Whale Alert, a Bitcoin whale transferred 9,901 BTC ($ 170 million) to the Kraken exchange.
On-chain data shows that the Bitcoin whale bought 9,901 BTC for $391.91 million on July 29, 2021. The assets have been dormant since then and no further transactions were made in the wallet. Whale sells Bitcoin holdings despite a loss of $222 million.
Analyst Ali Martinez shared that about 33 whales holding 1,000 to 100,000 BTC have left the network. These whales have sold or redistributed around 20,000 BTC in the last 96 hours. Currently, there are only 2037 wallets holding 1,000 to 100,000 BTC.
As a matter of fact, Santiment underlined that the supply of Bitcoin and Ethereum on crypto exchanges is currently at the lowest level in 4 years. This means a lower risk of selling.
As Koinfinans.com previously reported, whales continue to sell their Bitcoin holdings. The whales have reduced their presence since June 2022, according to the data. In the meantime, a total of 367,000 BTC has been sold.
Bitcoin Price Risks to Drop
Many analysts believe that if the Bitcoin price exceeds $18,000, it could rise. Analysts interpreted $16,500 as a critical support level. However, BTC price failed to even surpass $ 17,3000 and the data revealed that $18,000 was a strong resistance level.
As a result, miner capitulation and whales selling BTC holdings point to uncertainty. Forecasts predict that BTC price could bottom out at $12,8000, the delta price for Bitcoin.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.