Bitcoin drops under $86K as $2.78B in BTC whale selling overwhelms active dip buyers
Cointelegraph
Bitcoin fell below $86,000 as massive selling by whales overwhelmed smaller buyers attempting to purchase the dip.Summary
Bitcoin dropped below $86,000 on Monday, driven by a significant imbalance in order flow where large holders, or whales, sold $2.78 billion in BTC. This institutional-scale distribution overwhelmed the cumulative buying volume of $474 million from retail and mid-sized wallets, who viewed the lower prices as a discount. On-chain data shows short-term holders are selling at an average loss (SOPR near 0.99), indicating capitulation, though this alone doesn't confirm a bottom. Technically, Bitcoin broke a short-term bullish structure, invalidating its upward trend. Immediate downside targets include the $83,800 swing low, with a potential retest of quarterly lows near $80,600 if selling pressure continues.
(Source：Cointelegraph)