Dormant Whales and Miners Cash Out Bitcoin: Is $75K Next?

Hovering near $83K, Bitcoin signals a potential downswing as whales and miners cash out. Will BTC price test $75K?Fluctuating near $83,000, Bitcoin is at a crucial crossroads. Following a 2.12% pullback on Sunday, Bitcoin posted an intraday gain of 0.83% to start the week.However, the intraday recovery comes as a potential retest of a broken trendline. Will this lead to a post-retest reversal in Bitcoin towards the $75,000 mark?Dormant Whale Books $85M Profit in Bitcoin As Bitcoin hangs in the balance, a crypto whale has booked profits after nearly 1.5 years of dormancy. According to SpotOnChain, the crypto whale has marked a profit of $85.7 million after depositing 300 BTC on FalconX. The deposit is worth nearly $25.1 million.https://twitter.com/spotonchain/status/1901527509545726226 The whale had purchased 1,500 BTC from Cumberland on August 18, 2023, at an average cost of $26,353. This was worth nearly $39.5 million then. Now, the entity has taken a shift in its trading strategy, transferring massive amounts of BTC. The whale moved to cash out $25.1 million in Bitcoin as it trades near $83K.Following the transfer to the exchange, the whale moved 1,050 BTC worth $87.2 million to two new wallets. Finally, the 150 BTC remains in the original wallet worth $12.5 million. Analyst Spots $27M Cash Out Move by BTC MinersAlong with the crypto whale, Ali Martinez highlights the massive spree of profit booking in Bitcoin miners. According to the analyst, BTC miners have cashed over $27 million in profit. https://twitter.com/ali_charts/status/1901453936286204269/This is based on data from CryptoQuant, highlighting early miners realized profit in USD. The indicator highlights a significant spike this month.Will Bitcoin ETFs Mark Another Week of Outflow?As Bitcoin stands on thin ice, institutional support continues to decline. In a weekly time frame, the U.S. spot Bitcoin ETFs recorded five consecutive weeks of outflow.

Bitcoin ETFs

In February, U.S. spot BTC ETFs recorded an outflow of $3.56 billion. The current outflow in March has risen to $1.67 billion. Since February 6, the U.S. spot Bitcoin ETFs have recorded just four days of inflows. As rising outflows in U.S. spot Bitcoin ETFs continue, the possibility of another negative weekly performance increases. This could influence the subsequent downfall in Bitcoin prices.Bitcoin Price Analysis Warns Post-Retest ReversalIn the daily chart, the BTC price trend showcases a lower price rejection that is gradually gaining momentum. The recovery in Bitcoin is sustaining above the 61.80% Fibonacci level at $81,855. Based on the Bollinger Bands, the recovery in Bitcoin has bounced off from the lower band to the 20-day SMA, acting as the midline. Furthermore, the positive crossover in the MACD and signal lines support the possibility of a bullish comeback.However, the recovery run is a potential retest of the broken support trendline. This warns of a potential downfall to the 50% Fibonacci level at $75,533. On a bullish front, analyst Ali Martinez highlights the possibility of a breakout move in Bitcoin. Highlighting an ascending triangle pattern, the analyst anticipates a price surge of nearly 8%. Based on the Fibonacci levels, this could reach the 78.60% Fibonacci level near $91,780. https://twitter.com/ali_charts/status/1901328496355389600/

Text source: The Crypto Basic

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