Whales Sold $60 Billion Worth of Bitcoin: Could This Trigger a Crash to $60,000?

Bitcoin price is consolidating after recent volatility, trading within a neutral structure. The crypto king has struggled to establish a decisive trend over the past two weeks. 

Currently, Bitcoin remains rangebound, reflecting balanced pressure between buyers and sellers. This equilibrium suggests that investor behavior from here will likely determine the next directional move.

Worry From Whales, Support From MTHs

On-chain data indicates that younger holders are choosing to HODL rather than exit positions. HODL waves show that the supply held by investors aged one to three months has declined by 5%. This supply has matured into the three- to six-month cohort, signaling reduced short-term selling.

This shift reflects improving holder resilience despite recent drawdowns. Bitcoin investors who remain underwater are not engaging in panic-driven liquidation. Instead, coins are aging into longer-term categories, which historically supports price stability. Reduced short-term distribution often limits downside volatility and strengthens structural support zones.

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While some holders’ behavior appears stable, whale activity presents a contrasting dynamic. Since February 13, large holders have moved approximately 900,000 BTC, valued at $60 billion. This transfer activity suggests that significant capital may be preparing to exit positions following limited price appreciation.

Persistent whale selling can introduce supply shocks, particularly in range-bound conditions. Large distributions increase overhead resistance and weaken bullish momentum. If critical holders grow increasingly impatient, sustained selling pressure could undermine BTC’s stability and elevate the probability of a broader correction.

BTC Price Breakout or Breakdown Ahead?

Bitcoin is trading at $66,188 at the time of writing after slipping below the $67,394 support level. The asset remains confined between $65,000 and $70,000. This consolidation range reflects ongoing equilibrium. A decisive breakout or breakdown will likely define the next major move in Bitcoin price.

Over the past two weeks, BTC has formed a symmetrical triangle pattern. Price action shows no clear directional bias. However, continued whale selling could tip the balance downward. A breakdown below the triangle support may send Bitcoin toward $64,142. Losing that level would expose BTC to a potential decline toward $60,000. Notably, a recent long lower wick signaled dip buying interest.

Conversely, if whale distribution slows and mid-term holders transition into long-term holders, recovery prospects could strengthen. Renewed demand may trigger a breakout above the range resistance. A sustained move toward $71,963 would invalidate the immediate bearish outlook. Clearing that level could extend gains toward $74,789, restoring bullish momentum in the broader crypto market.

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