Bitcoin (BTC) may not be able to sustain its bullish trend as some whales have made negative moves. It appears that selling pressure has started to increase on BTC, hindering a potential upward rally. Everyone is expecting more gains for Bitcoin, especially during the month of October, also known in the community as “Uptober.”
However, some investors are selling their holdings. According to Whale Alert, a Bitcoin whale has transferred 3,333 BTC from its private wallet to Coinbase, the largest crypto exchange in the U.S. Notably, this transfer is estimated to be worth around $213 million, according to the current Bitcoin price.
Bitcoin price reaction
Whales typically hold coins in their wallets when they have no immediate plans to sell them. Moreover, they are known on the market for their long-term holding strategies. However, this transfer to Coinbase from the investor’s wallet indicates that they are planning to sell the coins on the exchange.
It is likely that this whale is planning to book profits because BTC is still on highs compared to previous levels seen in the last couple of months. Selling coins for profit is typical behavior among some investors, and generally, it is not really negative for the market. However, a large sale like this can still put pressure on in the short term.
As of now, the price of Bitcoin is down 2.57% in the last 24 hours. This minor dip is likely a result of this selling pressure, and perhaps some other reasons. The positive thing, however, is that BTC is still trading at $64,058. This price level is crucial for Bitcoin to hold. The BTC price has been facing rejection from this price range. However, Bitcoin is still holding above this range. It is a positive sign considering the ongoing selling pressure.