A dormant whale booked an $85M profit, and miners cashed out $27M, increasing selling pressure on Bitcoin.
U.S. spot Bitcoin ETFs have recorded five consecutive weeks of outflows, raising concerns over institutional support.
While BTC shows signs of recovery, a post-retest reversal could push the price down to the $75,533 Fibonacci level.
Fluctuating near $83,000, Bitcoin is at a decisive moment. Following a 2.12% pullback on Sunday, BTC posted a minor 0.83% gain to start the week. However, this recovery could be a retest of a broken trendline, which may lead to a potential price reversal toward $75,000.
Dormant Whale Cashes Out $85M in Bitcoin
As Bitcoin hangs in uncertainty, a long-dormant whale has moved to book massive profits. According to SpotOnChain, the entity deposited 300 BTC worth $25.1 million on FalconX after holding the asset for nearly 1.5 years.
The whale had originally purchased 1,500 BTC from Cumberland on August 18, 2023, at an average cost of $26,353, totaling $39.5 million. Now, with BTC near $83K, the whale has strategically shifted holdings, transferring 1,050 BTC worth $87.2 million to two new wallets while leaving 150 BTC worth $12.5 million in the original address.
In addition to the whale’s profit-taking, Bitcoin miners have also ramped up their selling activity. Crypto analyst Ali Martinez highlighted that BTC miners have collectively cashed out over $27 million this month, as shown by CryptoQuant data. The surge in miner profit realization indicates increased selling pressure, which could contribute to a potential BTC price downturn.
Adding to Bitcoin’s challenges, U.S. spot Bitcoin ETFs have recorded five consecutive weeks of outflows. In February alone, these funds saw a $3.56 billion outflow, and March has already witnessed an additional $1.67 billion in withdrawals. Since February 6, only four days have recorded inflows, raising concerns about declining institutional interest.
With ETF outflows rising, the risk of another negative weekly performance increases. This trend could further weigh on Bitcoin’s price, reinforcing the bearish outlook.
On the daily chart, BTC has shown a lower price rejection, sustaining its recovery above the 61.80% Fibonacci level at $81,855. The Bollinger Bands indicate a rebound from the lower band to the 20-day SMA, suggesting a potential bullish move. Meanwhile, the MACD’s positive crossover signals possible upward momentum.
However, the recovery may be short-lived. Analysts warn that the current uptrend could be a post-retest reversal, meaning BTC could drop toward the 50% Fibonacci level at $75,533 if sellers gain control.
On the bullish front, Ali Martinez suggests that BTC is forming an ascending triangle pattern, which could drive an 8% price surge. If this pattern plays out, BTC could climb to the 78.60% Fibonacci level near $91,780.