Bitcoin's price has taken a dramatic tumble this week, plunging from $95,700 to below $80,000 as major holders offload their positions, sending shockwaves through the crypto market.
Large wallet holders, commonly known as "whales," have sold approximately 6,813 bitcoins worth $540 million since last week - marking the largest selloff since July 2023. These whale movements have intensified the downward pressure on Bitcoin's price, which currently hovers around $79,539.
The massive dump coincides with substantial losses across the broader market. Between February 25-27, investors realized over $2.16 billion in losses, with newer market participants bearing the brunt of the downturn. In a single day, recent investors logged losses of $927 million, representing the biggest one-day loss since August 2024.
"The scale of losses, particularly among newer investors, could deter fresh market participation and weigh heavily on Bitcoin's recovery prospects," noted market analysts tracking whale behavior.
Bitcoin now faces critical technical levels, having lost the $80,313 support. Market watchers suggest the next key support lies at $76,741. Should selling pressure persist, prices could test lower supports around $71,529.
For any meaningful recovery, Bitcoin needs to reclaim ground above $80,313 and push toward $85,000. However, with major holders continuing to offload positions and market sentiment turning increasingly bearish, the path to recovery remains challenging.
While historical patterns suggest whales may begin accumulating at lower prices once the market stabilizes, current indicators point to ongoing uncertainty in Bitcoin's immediate future.