Bitcoin's $79K Rally May Be Short-Lived as Institutions Take Profits

Bitcoin's price has surged past $79,000, marking a five-day rally of over 30%. However, this upward momentum may be short-lived as institutions have started to take profits. According to Onchain Lens, Jump Crypto sold 1.14K BTC worth $89 million on Binance.

Additionally, a mysterious whale has been selling Bitcoin since July 19th, with Lookonchain data showing that they've sold 2,700 BTC valued at $211.8 million over the past three days. This brings their total sales to 7,700 BTC worth $576.6 million.

Collectively, these institutional and whale sales have accounted for more than $300 million in Bitcoin selling pressure, triggering long liquidations of over $647 million. These liquidations spiked after Bitcoin's price retraced to $77,000.