Whale Selling Pressure Drives Bitcoin Down Near $77K

Bitcoin's price has plummeted to around $77,187 due to strong selling pressure. According to Pluang, this downward trend is driven by large holders, known as whales, reducing their Bitcoin holdings by 0.20% over the past three weeks. Meanwhile, small retail investors have slightly increased theirs.

Technical indicators such as MACD and RSI suggest bearish momentum, with potential support at $76K and resistance near $78K. The market remains uncertain, with the possibility of further declines unless bullish signals emerge.

The current trading environment on Pluang reflects this uncertainty, with 52% of orders to sell versus 48% to buy. Bitcoin's price has declined by 0.89% in the past day, and its typical hold time on the platform is 109 days, indicating a moderate-term investor base.