The Bitcoin price is now around 15% below the level a few days ago and has not reached a new all-time high at just a few hundred dollars.
A new record was so close that bulls could taste victory, but success was blocked by massive whales reloading centralized crypto exchanges with a flood of BTC to stop the rally. This could mean for the crypto market in the next few weeks.
Whales Flood Crypto exchanges Bitcoin rally for 93K BTC
Bitcoin was just moments away from making history, hitting a new all-time high in price and breaking the 2017 crypto bubble record. New BTC addresses are reaching record highs, as is the hash rate and even the market capitalization of the cryptocurrency. So far, however, the price has not yet been able to follow.
Related reading | Time to Pay Attention: Where the Bitcoin Bull Market Correction Might End
A new all-time high in Bitcoin price could spark a storm from FOMO that whales may want to stop just before the record break.
According to on-chain analysis, Wale began moving BTC en masse to centralized crypto exchanges like Coinbase in the days and hours leading up to the near-record-breaking end of the recent rally.
That decline started as soon as whales started depositing BTC on exchanges. More than 93,000 bitcoins were deposited on central exchanges. pic.twitter.com/ntq1yIlDeV
– intotheblock (@intotheblock) November 27, 2020
Selling walls on Coinbase have been reported and whale watching on various crypto-quant platforms indicated their activity just before the sell-off began.
Profit of over $ 15 billion since the high point was launched
Whales moved and sold up to 93 BTC since peaking at $ 19,500, making around $ 1.5 billion in profit, even at an average selling price of $ 17,000 per coin.
Whales got in the way of the crypto asset setting a new all-time high price record | Source: BTCUSD on TradingView.com
Where the rally ended is noteworthy for narrative reasons. Double tops are notorious for causing unbreakable resistance and current price action is a candidate for such a top formation.
Related reading | Bitcoin indicator reaches historical extreme: price loses two thirds when reversed
It could be enough to spark a bearish wave of doubt in the cryptocurrency once some negative news about self-government regulation in the US hits the market.
The double-top narrative caused by whales taking profits in an extremely profitable year could provide the sentiment needed for the final cleanup before the cryptocurrency goes completely parabolic and hits its next peak.
It all starts with a break from the previous all-time high. Will whales continue to block the new record or will the unstoppable upward trend in crypto assets leave whales underwater?
Featured image from Deposit Photos, Charts from TradingView.com