Bitcoin (BTC) price has recorded some losses today amid a whale selloff, after soaring past the $78,700 mark in the last 24 hours. However, despite the losses, the flagship crypto has added nearly 23% over the past week, suggesting the growing confidence of market participants towards the asset.
Meanwhile, the latest rally has allowed many traders to exit the market to book profits. Amid this, a latest report showed that a mysterious Bitcoin whale has offloaded more than $576 million in BTC over the last three days, which has fueled discussions among traders.
Bitcoin Whale Offloads 7,770 BTC Fueling Market Concerns
The on-chain transaction tracking platform, Lookonchain, has highlighted the latest transaction, showing that a “mysterious whale” has offloaded 2,700 BTC, valued at $211.8 million, today. Over the past three days, the whale, identified by the wallet address “bc1qsy,” has sold 7,770 Bitcoin, worth $576.6 million.
However, it’s worth noting that the latest rally in Bitcoin price might not be the only reason behind his move. For context, since July 19, when BTC price was mostly stagnant, the same whale has deposited more than 12,513.5 BTC, worth $850 million, into Binance.
Meanwhile, amid the Bitcoin whale news, Wintermute has also gained notable traction from market participants. Today, Wintermute has deposited 590.9 BTC to Binance, valued at around $45.66 million, while moving about 3,834 BTC, worth $256.8 million, over the past week.
These latest moves by the Bitcoin whale and Wintermute have fueled discussions among traders. While some market participants remain optimistic, others have argued whether the selling pressure would hinder the ongoing rally in Bitcoin price.
What Lies Ahead for BTC Price?
Bitcoin price has lost around 1% over the past 24 hours and traded at $77,321 at the time of writing. Notably, the latest jump of the crypto above $78K has caught the eyes of global traders, with many turning optimistic on the long-term potential of the asset.
Veteran trader Peter Brandt has also turned bullish on the asset recently. Despite that, some believe that BTC price might face another setback before continuing its upward run ahead.
For context, Thinking Crypto Podcast founder Tony Edward recently highlighted that the flagship crypto is currently in the “overbought” region. Considering that, he believes that the bears will once again start to dominate, causing another pullback in Bitcoin price.
However, he noted that the crypto might face a pullback towards the $69,000-$70,000 region before continuing its run to the north again. Meanwhile, the chart that he shared also suggests that BTC would break through the $80,000 mark following the expected pullback ahead.
For retail investors looking to navigate volatile market swings alongside these whales, selecting one of the best crypto apps for mobile trading is essential for fast order execution.
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