In the wild world of crypto, big moves by whales can shake the market. A
Garrett Jin is no stranger to Bitcoin action. People call him a
Now, he’s moving serious coins. First, he sent 1,599 BTC. Then, a bigger batch: 5,000 BTC in just two hours. That’s <6,599 BTC> total hitting Binance, the top crypto exchange. Whales like Jin often move coins to exchanges to sell. This sparks fears of more sell pressure on an already shaky Bitcoin price.
These moves happened fast. On-chain data shows the deposits clear as day. Traders watch tools like Lookonchain for such alerts. When a wallet linked to Jin lit up with transfers to Binance, chatter exploded on social media.
Jin’s past plays add fuel to the fire. He held large short positions before past drops. Shorts bet on price falls. When they win, markets tank harder. Is history repeating?
Bitcoin can’t catch a break. It dropped from highs near $100,000 to test $60,000 lows. Now, it’s hovering around $70,000 but failing to hold. The chart shows lower highs and lower lows – a classic downtrend sign.
Key support levels are cracking. If Bitcoin slips below $65,000, the next stop could be $50,000. Traders eye $70,000 as a make-or-break line. Break above? Relief rally. Break below? Panic city.
Charts don’t lie. Bitcoin’s RSI is at 31.57 – deep in oversold territory. That means sellers are exhausted, but it can stay low longer than you think. MACD shows negative momentum, with lines far apart.
Other signs:
These bearish clues match the whale dump timing. Add selling from Jin, and downside risk grows.
The Crypto Fear & Greed Index? It’s at 6 – extreme fear. This gauge mixes volatility, volume, and social buzz. Low scores mean panic selling and cheap prices. Historically, bottoms form here, but not always quick rebounds.
Bitcoin fell 53% in 120 days before without big bad news. Now, with whale action, sentiment worsens. Global markets are risk-off too. Stocks dip, bonds rise – crypto suffers.
Whales hold tons of BTC. One dump floods the market with supply. Exchanges see order books tilt red. Panic spreads: retail traders sell in fear, amplifying the drop.
But not all dumps lead to crashes. Sometimes whales reposition or lend coins. Still, in this weak market, eyes are on Binance outflows. If Jin sells, expect ripples.
Why
Watch these triggers:
Bitcoin crashed 80%+ multiple times: 2018, 2022. Each time, it recovered stronger. But pain lasts months. If you’re holding, zoom out. If trading, use stops.
Diversify, don’t FOMO. Whales play games; you don’t have to.
The <6,599 BTC> dump by this
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