Whales Sold $60 Billion Worth of Bitcoin: Could This Trigger a Crash to $60,000?

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Ah, Bitcoin! The elusive creature that flits about like a butterfly in spring, forever consolidating after a recent bout of volatility. For two weeks now, our dear crypto king has been caught in a neutral web, struggling to find its footing as one does in a muddy field after a rainstorm.

At present, Bitcoin finds itself in a lovely little range, teetering between the buyers and sellers like a drunkard at a party trying not to spill his drink. This delightful equilibrium suggests that the next dramatic move will hinge upon how investors decide to play their cards-will they fold or go all in?

Worry From Whales, Support From MTHs

On-chain data reveals a curious phenomenon: younger holders are opting to HODL, clinging to their coins like a child with a favorite toy. HODL waves indicate a 5% decrease in the supply held by those bold souls who’ve had their treasure for only one to three months. They’ve matured into the slightly more seasoned three- to six-month cohort, displaying a commendable reluctance to engage in the panic-selling frenzy.

This behavior signals a commendable resilience among Bitcoin investors, who seem less inclined to throw their hands up in despair. Instead, they allow their coins to age gracefully into longer-term categories, which historically supports price stability. After all, what’s life without a little bit of aging to add flavor?

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Meanwhile, the whales-the magnificent creatures of the deep-are engaging in a rather different dance. Since February 13, these large holders have shuffled approximately 900,000 BTC around, a sum that could buy a small island or at least a very nice yacht. Such movements suggest that significant capital may be preparing to skedaddle, following a modest price appreciation.

Persistent selling from these colossal beings can induce quite the supply shock, particularly in such a range-bound environment. Large distributions create overhead resistance, like trying to swim upstream against a mighty current. If these critical holders become increasingly impatient, the resulting selling pressure could send Bitcoin tumbling down like a poorly thrown ball.

BTC Price Breakout or Breakdown Ahead?

As I write, Bitcoin is lounging at $66,188 after slipping below the $67,394 support level-much like a cat that has missed its intended landing. It remains trapped in a cozy little range between $65,000 and $70,000, reflecting an ongoing state of equilibrium. A decisive breakout or breakdown will likely define the next grand spectacle in Bitcoin’s saga.

In the past fortnight, BTC has taken on the shape of a symmetrical triangle-a lovely geometric figure, though lacking in decisive direction. However, if whale selling continues, we might just see the balance tip downward, sending Bitcoin waltzing toward $64,142. And if it loses that level, well, the descent could lead it spiraling down to $60,000. On a hopeful note, a recent long lower wick has suggested that some brave souls are poised for dip buying.

Conversely, if whale activity slows and mid-term holders decide to transition into long-term believers, recovery prospects could brighten like a sunny day after a storm. Renewed demand might trigger a breakout above the range resistance. If we see a sustained move toward $71,963, it would invalidate the immediate bearish outlook, allowing gains to stretch toward $74,789 and restoring a hint of bullish momentum in the broader crypto market.

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2026-02-23 17:52