A Bitcoin whale sold 7,770 BTC worth $576.6 million over the past three days as the asset pulled back from a rally above $78,700. The same wallet has deposited more than 12,513.5 BTC into Binance since July 19, and Thinking Crypto Podcast founder Tony Edward expects Bitcoin to dip toward $70,000 before pushing higher.
A mysterious Bitcoin whale has offloaded 7,770 BTC over the last three days, worth $576.6 million, according to on-chain tracker Lookonchain. The wallet, identified as "bc1qsy," sold 2,700 BTC worth $211.8 million today alone, fueling discussion among traders about the strength of Bitcoin's rally.
Whale activity clouds the rally
Bitcoin has added nearly 23% over the past week and briefly soared past $78,700 in the last 24 hours before losing ground. However, the same whale has deposited more than 12,513.5 BTC, worth $850 million, into Binance since July 19, when Bitcoin's price was mostly stagnant — suggesting the recent rally may not be the only driver behind the selling.
Meanwhile, Wintermute has also drawn attention. It deposited 590.9 BTC to Binance, worth around $45.66 million, while moving about 3,834 BTC, worth $256.8 million, over the past week. Some market participants remain optimistic on Bitcoin's outlook, while others argue the selling pressure could hinder the ongoing rally.
What comes next for Bitcoin price
Bitcoin has lost around 1% over the past 24 hours, trading at $77,321 at the time of writing. Its earlier jump above $78,000 has caught the attention of global traders, with many turning optimistic on the asset's long-term potential, and veteran trader Peter Brandt has also turned bullish recently.
According to Thinking Crypto Podcast founder Tony Edward: Bitcoin is currently in the "overbought" region, and he expects bears to dominate again, causing another pullback. He believes Bitcoin could fall toward the $69,000–$70,000 region before continuing its climb, with his chart suggesting the asset would eventually break through the $80,000 mark following that pullback.
Source: CoinGape
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