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Bitcoin drops below $53,000: Head-to-Head Price Effect Shakes Whales! - Coin Bulletin
Bitcoin, which continued September with declines, faced selling pressure from whales.
According to data transferred by the on-chain analysis platform Lookonchain, Bitcoin whales increased selling pressure as the price declined.
When a whale approaches the entry point, it sells 100 BTC shares worth $5.35 million with a profit of $206,000.
It revealed that 402,800 BTC worth 21 billion dollars were purchased at a price between 51,113 and 54,303 dollars for 836,000 addresses.
Analysts reported that hundreds of thousands of investors may choose to sell, taking into account the risk of loss as they are at the price entry point.
According to CoinGecko data, Bitcoin, which lost 3% in the last 24 hours, is currently trading at $53,124.