BTC Surges Past $79K Amid Widespread Selling Pressure
Bitcoin's price surged past $79,000 in a five-day rally that has exceeded 30%. However, this uptrend may not be sustainable as institutions have started taking profits. Jump Crypto, an institutional player, sold 1.14K BTC worth $89 million to Binance's hot wallet, triggering massive liquidations.
The activity was completed in two transactions of $8.10 million and $80.88 million. This selling pressure, combined with a mysterious whale who has been selling Bitcoin since July 19th, collectively accounted for over $300 million in BTC selling pressure.
Long liquidations surpassed $647 million, with most of it coming from the loss of about 2.5% of the cap gained by Bitcoin. Ethereum, Solana, and Ripple also saw losses due to these liquidations.
The crypto market remains relatively strong, but traders have stacked massive sell orders at between $79K and $80K, worth more than $92 million on Binance. Additionally, the RSI crossed 86 but has since retraced to 80, indicating a cool-off in buying activity.