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<p>The post <a href="https://coinpedia.org/news/will-bitcoin-price-crash-whale-offloads-39m-in-btc/">Will Bitcoin Price Crash? Whale Activity and Metrics Show Bearish Signs</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin (BTC), the world’s biggest cryptocurrency is poised for a massive price crash as whales and institutions have <a href="https://coinpedia.org/news/institutions-dumping-bitcoin-a-major-factor-behind-recent-price-drop/">dumped notable BTC </a>in the past 24 hours. On September 5, 2024, prior to the opening of the US Stock market, a smart Bitcoin whale dumped a significant 680 BTC worth $38.77 million to the Binance.</p> 
<h2 class="wp-block-heading" id="h-whale-sell-off-millions-worth-btc"><strong>Whale Sell-off Millions Worth BTC</strong></h2> 
<p>This <a href="https://x.com/lookonchain/status/1831701367045681638" target="_blank" rel="noreferrer noopener nofollow">smart whale</a> purchased a significant 4,562 BTC worth $120.66 million at an average price of $26,449 in late 2022. However, he sold 3,938 BTC worth $181 million when BTC was trading near the $46,000 level. Combining all these sell-offs, this smart whale has made a profit of approximately $96 million.</p> 
<p>The recent massive dump occurred when BTC was trading near the $57,000 level and formed a strong bearish candle on the four-hour time frame. Since this dump, the BTC price has been continuously falling, heading toward the $54,000 level. Additionally, dormant BTC holders have also become active, which is a potentially bearish sign.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4a4.png" alt="💤" class="wp-smiley" style="height: 1em; max-height: 1em;"> A dormant address containing 35 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> (1,990,206 USD) has just been activated after 10.5 years (worth 21,632 USD in 2014)!<a href="https://t.co/8O2payiO3Q">https://t.co/8O2payiO3Q</a></p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1831666172409848219?ref_src=twsrc%5Etfw">September 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<h2 class="wp-block-heading" id="h-bitcoin-price-could-fall-to-54-000-level"><strong>Bitcoin Price Could Fall to $54,000 Level</strong></h2> 
<p>According to expert technical analysis, BTC looks super bearish. It is also forming a pattern where each recent high price is lower than the one before, and each low price is also lower. This suggests a downward trend. If BTC closes a four-hour candle below the $56,000 level, there is a strong possibility it could fall to the $54,000 level in the coming days.</p> 
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/05215035/BTCUSDT_2024-09-05_21-50-14-1024x448.png"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/09/05215035/BTCUSDT_2024-09-05_21-50-14-1024x448.png" alt="" class="wp-image-347665" srcset="https://image.coinpedia.org/wp-content/uploads/2024/09/05215035/BTCUSDT_2024-09-05_21-50-14-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/09/05215035/BTCUSDT_2024-09-05_21-50-14-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/09/05215035/BTCUSDT_2024-09-05_21-50-14-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/09/05215035/BTCUSDT_2024-09-05_21-50-14-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/09/05215035/BTCUSDT_2024-09-05_21-50-14-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/09/05215035/BTCUSDT_2024-09-05_21-50-14.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
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</figure> 
<h3 class="wp-block-heading" id="h-on-chain-metrics-signaling-massive-sell-off"><strong>On-Chain Metrics Signaling Massive Sell-off</strong></h3> 
<p>Besides this price action, BTC’s on-chain metrics data is also signaling a massive sell-off. CoinGlass’s BTC Long/Short Ratio chart is below one and currently stands near the 0.953 level indicating a bearish sentiment among traders. At present, 51.2% of top BTC traders are holding bearish short positions, while only 48% are holding long positions.&nbsp;</p> 
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/05215121/jmn.png"><img decoding="async" width="1024" height="261" src="https://image.coinpedia.org/wp-content/uploads/2024/09/05215121/jmn-1024x261.png" alt="" class="wp-image-347666" srcset="https://image.coinpedia.org/wp-content/uploads/2024/09/05215121/jmn-1024x261.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/09/05215121/jmn-300x76.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/09/05215121/jmn-768x195.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/09/05215121/jmn-1536x391.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/09/05215121/jmn-150x38.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/09/05215121/jmn.png 1792w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: CoinGlass
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</figure> 
<p>Additionally, BTC futures open interest has been continuously falling, indicating lower interest from top traders amid bearish sentiment. Since August 24, 2024, the BTC’s open interest has dropped from $34.72 billion to $29.33 billion.</p> 
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/05215146/kjnmk.png"><img decoding="async" width="1024" height="353" src="https://image.coinpedia.org/wp-content/uploads/2024/09/05215146/kjnmk-1024x353.png" alt="" class="wp-image-347667" srcset="https://image.coinpedia.org/wp-content/uploads/2024/09/05215146/kjnmk-1024x353.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/09/05215146/kjnmk-300x103.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/09/05215146/kjnmk-768x265.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/09/05215146/kjnmk-1536x529.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/09/05215146/kjnmk-150x52.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/09/05215146/kjnmk.png 1762w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: CoinGlass
 </figcaption>
</figure> 
<h3 class="wp-block-heading" id="h-bitcoin-price-momentum"><strong>Bitcoin Price Momentum</strong></h3> 
<p>At press time, BTC is trading near the $55,900 level and has experienced a price drop of 3.7% in the last 24 hours. Meanwhile, its trading volume has increased by 12% during the same period, indicating higher participation from traders amid this sharp price decline.</p>

Will Bitcoin Price Crash? Whale Activity and Metrics Show Bearish Signs

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