news 
Title: 80K Bitcoin offloaded as $120K turns into resistance: A fall ahead?
As the cryptocurrency market continues to navigate through a highly volatile period, recent data suggests that a significant amount of Bitcoin (BTC) has been sold, potentially paving the way for a potential decline in prices. According to sources, an astonishing 80,000 BTC has been offloaded from the markets.
The last time the Bitcoin price saw such resistance was when it hit $123,000 and now, there is growing concern that this new resistance at $120,000 will cause the uptrend to pause or potentially even reverse course. Data suggests that the shorting of Bitcoin has accelerated as whales begin selling their spot positions and opting for short positions in derivative markets.
In a shocking move, one prominent whale is reported to have sold all 80,000 BTC accumulated since the inception of the cryptocurrency’s launch, with the coins now being held by treasuries, ETFs, and exchanges. This massive sell-off could be the catalyst that propels the price back into decline.
Meanwhile, another significant player in the market, James Wynn, has reportedly taken a short position on Bitcoin, utilizing leverage to amplify his potential gains. Notably, this is not the first time he has done so, as he had previously liquidated his short position and made a profit of $473,000 within just 24 hours.
The recent surge in Bitcoin inflows into exchanges could be indicative of market participants bagging profits ahead of a larger correction. As such, it may be advisable to remain cautious and vigilant for any potential turn in the trend.
With the shorting activity and these large-scale sell-offs, it remains unclear if this market will continue to see growth or if we are indeed looking at the beginning of a new decline.
Source: ambcrypto.com
