title: Bitcoin (BTC) Price Risks Another Drop as Whale Sells 300 BTC

According to blockchain tracking platform Spot On Chain, a dormant Bitcoin whale has resurfaced after 1.5 years, depositing 300 BTC (worth $25.1M) to FalconX.

The cryptocurrency market experienced low volatility trading on Friday, March 17th, with slight selling pressure evident from the long-wick neutral candle in Bitcoin price. Overhead supply has restricted BTC movement, particularly below the 200-day exponential moving average, highlighting the broader market imbalance.

Bitcoin Price Risks Another Drop as a Dormant Whale Sells 300 BTC

According to blockchain tracking platform Spot On Chain, a dormant Bitcoin whale has emerged from inactivity after 1.5 years, transferring 300 BTC (worth $25.1M) to FalconX.

The whale had originally accumulated 1,500 BTC on August 18, 2023, purchasing them from Cumberland at an average price of $26,353 per BTC—a total investment of $39.5M. With Bitcoin now trading at around $84k, the investor has realised an estimated 219% profit on the holdings.

The latest onchain data shows that the whale sold 300 BTC to FalconX at an average price of $83,733 per coin, with the transactions completed in the afternoon.

The last batches of coins sold fell within the range of $83,494-$83,648, deviating slightly from the average price.

This round of selling activity took place as the Bitcoin price faced rejection at the 200-day EMA and encountered difficulty breaking through the overhead supply.

The selling pressure from this whale could further decrease the coin price from the current level.

Bitcoin Faces Crucial Breakout Point From Falling Wedge Pattern

Bitcoin Faces Crucial Breakout Point From Falling Wedge Pattern

Since last week, Bitcoin price has been consolidating below the 200-day EMA slope with multiple neutral candle formations. The buyers struggling to surpass this key barrier signals strong selling pressure and a general bearish sentiment in the market.

In addition, the fast-moving 20-day EMA is on the verge of crossing below the 200-day EMA slope for the first time in 6-months, typically, indicating rising bearish momentum. However, the historical data shows that this bearish crossover is followed by a short dip in BTC price before it secures a suitable bottom support.

If the theory holds, the coin price could another 12% to rest the lower boundary of the falling wedge pattern. The lower trendline has acted as a firm springboard for buyers before challenging the overhead trendline.

For risk-averse traders, the wedge pattern breakout is crucial to break the current correction trend. A breakout above the 200-day EMA could invite more buyers to participate in the uptrend, paving the way for another leg up. But if the sellers manage to break the lower trendline, it might open doors for another round of selling to unfold.