The Bitcoin Price Faces Selling Pressure Below $96,000
The Bitcoin price is currently facing excessive selling pressure as the token slides down below $96,000 after holding the support at $98,000 for a couple of days. The trading activity over the platform has remained high, suggesting a massive price action could be on the horizon. Despite the uncertainty surrounding the short-term BTC price rally, the increasing whale activity and ETF accumulation indicate that the $100K target could be fast approaching.
Recent Liquidations and Whale Activity
In the past 24 hours, nearly 140,000 traders have been liquidated, with the total liquidation amounting to $390.78 million. The largest liquidation order occurred with Bitcoin on Binance, totaling over $13 million. While this has contributed to dragging the levels lower, whales continue to accumulate BTC. According to data from Lookonchain, 5 new wallets have withdrawn over 886 BTC worth $86.4 million.
It appears that weak hands or panic retail traders may have sold their holdings to whales and institutions. MicroStrategy recently purchased nearly 55,500 BTC for over $5.4 billion, bringing their total holdings to 386,700 BTC at an average rate of $56,761 per BTC. Additionally, Bitcoin ETF has seen a record-breaking netflow of over $3.38 billion in the past week. Furthermore, Tether has minted over $3 billion USDT as Bitcoin approaches the $100K milestone, signaling bullish momentum for the BTC price rally ahead.
Technical Analysis and Price Prediction
Despite the selling pressure, the Bitcoin price continues to hold crucial support levels. The daily chart indicates a potential small dip as the RSI shows a bearish divergence and approaches the upper threshold. If the price drops below this range, BTC is likely to dip below $95,000, attracting more liquidity and potentially pushing the price towards the $100K milestone in the coming days.