Is a New Looming After ?

Bitcoin’s price has been on a wild ride lately. After hitting highs near $100,000, it has dropped sharply. Now, a big move by a has everyone talking. Garrett Jin, a key figure linked to Trump circles in crypto, just sent 6,599 BTC to Binance. That’s worth about $463 million at current prices. Could this spark another ?

Who is Garrett Jin and Why Does His Move Matter?

Garrett Jin is no stranger to the crypto world. Known as a Bitcoin OG with the handle #BitcoinOG1011short, he has a history of big trades. Just days ago, he faced a huge $250 million liquidation when Bitcoin crashed. Now, he’s depositing massive amounts to Binance, an exchange where selling often happens.

This isn’t his first big transfer. He recently moved 1,599 BTC and then another 5,000 BTC in quick succession. These actions come at a bad time for Bitcoin. The market is already shaky, and whale dumps like this can push prices down fast.

• Total dumped: 6,599 BTC (~$463M)
• Exchange: Binance
• Timing: Right after a personal liquidation

Jin’s past trades have often lined up with market drops. Traders watch him closely because his moves can signal trouble ahead.

Bitcoin’s Price Struggles: Technical Signs of Weakness

Bitcoin is fighting to stay above $70,000. It recently dipped to $60,000, showing clear downtrend signs. Look at the charts:

• Lower highs and lower lows: Classic bear market pattern.
• RSI at 31.57: Oversold, but no strong bounce yet.
• MACD: Still shows negative momentum.

To turn things around, Bitcoin needs to break key resistance levels like $75,000 and hold them. Without that, more downside is likely. The adds fuel to the fire, as it could trigger panic selling.

Market Fear Hits Extreme Levels

The Crypto Fear & Greed Index is at a scary low of 6. That’s extreme fear territory. Traders are nervous, and for good reason. No major bad news, yet Bitcoin has lost over 50% in months. Add whale activity, and sentiment worsens.

Global markets are in risk-off mode too. Stocks and other risky assets are down. Investors want safe havens like bonds or cash. Bitcoin, seen as a risk asset, suffers in these times.

Could This Lead to Another Crash?

Yes, it’s possible. Here’s why:

1. Selling Pressure: 6,599 BTC hitting the market could overwhelm buyers.
2. Whale Influence: Big players like Jin set the tone. Copycat selling often follows.
3. Key Supports at Risk: Below $70K, next stops are $60K or even $50K.

But Bitcoin has bounced back before. After big dumps, it often finds buyers at lower levels. Institutions hold billions and may step in. Plus, oversold signals could spark a short squeeze.

What Happens Next? Key Levels to Watch

Monitor Binance order books for sell walls from this dump. On-chain data shows more whales accumulating quietly, which could balance things.

Broader Crypto Market Impact

Bitcoin leads the pack. If it crashes, altcoins will drop harder. Ethereum, Solana, and others are already down 20-30%. Expect more pain if BTC breaks lower.

Yet, long-term, Bitcoin’s story is strong. Halving effects linger, and adoption grows. This could be a buying dip for patient investors.

Lessons from Past Crashes

Remember 2022? Bitcoin fell 70% but recovered. Or 2018’s 85% drop. Whales dump, retail panics, smart money buys. History says crashes end, but timing is key.

Stay calm. Use stop-losses. Diversify. Don’t bet the farm on short-term moves.

Final Thoughts: Eyes on the Whales

The has markets on edge. Will it cause a ? Short-term risks are high, but Bitcoin’s resilience shines through. Track price action, sentiment, and whale wallets. The next few days will tell.

What do you think? Share in the comments. Will BTC hold $70K or crash lower?

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