Is the price of Bitcoin in trouble? This important metric suggests near-term pain for BTC

Bitcoin price has been in a positive trend over the past week, but has unsuccessfully challenged the $65,000 level a few times.

According to on-chain data, BTC whales have been offloading many of their holdings lately, which could suggest more trouble on the horizon if they continue.

#Bitcoin the whales sold more than 20,000 $BTC in the last 24 hours, worth about 1.28 billion dollars! pic.twitter.com/METXwmIxCn

— Ali (@ali_charts) September 25, 2024

Popular crypto analyst Ali showed the substantial sell-off that took place earlier this week, in which the largest entities disposed of more than 20,000 BTC within 24 hours.

This was one of the biggest sales to occur in just one day since the start of the year. In dollar terms, the total value was only $1.3 billion.

The price of BTC dropped from almost $65,000 to less than $63,000 yesterday, but managed to recoup most of the losses almost immediately. After jumping towards $64,000 earlier today, it continued to rise and currently stands at $64,400.

If the behavior of the whales remains the same and they continue to sell, BTC price action could turn worse again. Ali described $63,300 as the most crucial support level that must be held, otherwise the cryptocurrency risks a drop to $60,365.

According to the most recent activity on the chain, $63,300 is the most important support level #Bitcoin. If it holds, #BTC can rise to $65,500, but if it doesn’t, #BTC it will probably drop to $60,365! pic.twitter.com/4RTFQRqClJ

— Ali (@ali_charts) September 25, 2024

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