Bitcoin’s price has been on a positive trend for the past week but it has unsuccessfully challenged the $65,000 level a few times.
According to on-chain data, BTC whales have been offloading a lot of their holdings lately, which could suggest more trouble on the horizon if they continue.
Popular crypto analyst Ali showcased the substantial sell-off that transpired earlier this week, in which, larger entities disposed of more than 20,000 BTC within the span of 24 hours.
This was among the biggest sales that occurred within just a day since the start of the year. In USD terms, the total value was just shy of $1.3 billion.
BTC’s price tumbled yesterday from almost $65,000 to under $63,000 but managed to recover most of the losses almost immediately. After jumping toward $64,000 earlier today, it kept rising and currently sits at $64,400.
If whales’ behavior remains the same and they continue selling, BTC’s price actions could worsen again. Ali outlined $63,300 as the most crucial support level that has to hold, otherwise the cryptocurrency risks dropping to $60,365.
