Bitcoin rebounded from a drop to $59.1k, defended the $60k level, and climbed to a local high of $64k. Even so, market conditions remained volatile.
At press time, BTC traded at $63,058 after gaining 2.03% over the past 24 hours. Trading volume rose 40% to $36 billion during the same period, pointing to renewed market participation.
Why did THIS Bitcoin whale sell so quickly?
As Bitcoin [BTC] hovered near $60k, whale activity intensified. The Exchange Whale Ratio climbed to a two-week high of 0.6.
An elevated Exchange Whale Ratio suggested large holders accounted for a growing share of exchange deposits. At the same time, some whales appeared to capitalize on the recent sell-off.
According to Lookonchain, one Bitcoin whale purchased 1,656 BTC worth $98.93 million at an average price of $59,734.
After the purchase, selling pressure eased and BTC reclaimed the $60k level. As the price recovered toward $64k, the whale moved the holdings to Binance and locked in profits.
The transaction generated roughly $3.5 million in gains within two days.
That move highlighted the cautious sentiment still present across the market. Rather than holding through uncertainty, some traders appeared willing to secure profits quickly.
Such behavior can create additional resistance during recovery attempts, especially when sellers emerge after modest gains.
Can dip buyers absorb whale selling?
Despite the attempted recovery, with slight gains on price charts, downside momentum remains strong. With whales now selling, they continue to strengthen this momentum.
In fact, Bitcoin’s Trend Momentum has remained negative for three consecutive weeks. On the 8th of June, the metric fell deeper into negative territory and reached -20.
In the negative zone, this metric suggests that sellers have total control of the market. At these levels, it signals the likelihood of trend continuation.
Therefore, if sellers, especially whales, continue to exit the market, we could see another pullback towards $60k.
However, although whales are selling, it seems small-scale traders are buying the dip. Looking at the Exchange NetFlow, this metric has remained negative for the past 4 days.
A negative NetFlow suggests that buyers are also very active in the market. Thus, if these small-scale buyers hold on, they could absorb the pressure from whales and give Bitcoin a lifeline.
Under such circumstances, we could see BTC reclaim $65k and target $70k in the short- to medium-term.
Final Summary
- A Bitcoin whale bought 1,656 BTC near $59.7k and exited two days later with an estimated $3.5 million profit.
- Bitcoin recovered from a drop below $60k and briefly reached $64k, but Trend Momentum remained bearish.