Bitcoin Whale Locks in $20M Losses Ahead of Potential Price Retraction
A prominent Bitcoin whale has made a significant move on the cryptocurrency market by depositing 625 BTC ($39.96M) into FalconX after over a year of inactivity.
The transaction, which took place recently, suggests that the whale is preparing to sell their assets, potentially locking in losses of more than $20 million on their position.
According to technical analysis, the current price action of Bitcoin ($64,074.08) is trading within its Bollinger Bands, with an upper resistance at $65,394.72.
The bearish structure holds between the EMA50 resistance at $64,418.05 and the EMA200 support at $63,910.9, while the MACD golden cross indicates a probable retracement towards the 50-EMA before any sustained move higher in ongoing BTC price prediction models.