Trump insider Garrett Jin moves 6,599 BTC to Binance, raising concerns about more Bitcoin sell pressure as market sentiment weakens.
Bitcoin has seen a turbulent period, with its price falling significantly in recent weeks.
As the price struggles to hold above key support levels, the market is watching closely after a large Bitcoin transfer.
Trump insider Garrett Jin has moved 6,599 BTC, raising concerns about potential selling pressure in the crypto market. This transfer could add to existing fears of a Bitcoin crash.
Whale Activity and Bitcoin Market Concerns
Garrett Jin, a known figure in the crypto community, transferred 6,599 BTC to Binance, worth around $463 million.
The transfer occurred shortly after an earlier deposit of 1,599 BTC. These actions come just days after Jin faced a $250 million liquidation during Bitcoin’s recent crash.
These transfers have drawn attention due to Jin’s previous history in the market. He was reportedly involved in large short positions shortly before major market movements.
His actions in the past have coincided with sharp market drops, leading to speculation that his current moves could signal more downside pressure.
Market participants are especially cautious given the timing of this move.
Bitcoin’s price has struggled to maintain upward momentum, with analysts and traders closely monitoring any large transactions that might trigger further volatility.
Technical Indicators and Market Sentiment
Bitcoin price has recently shown bearish technical signals, with the RSI and MACD both indicating oversold conditions. The RSI sits at 31.57, while the MACD readings suggest sustained negative momentum.
This suggests that even with recent bounces, the broader market sentiment remains weak.
Bitcoin shows bearish momentum with RSI at 31.57 and MACD. Source: TradingViewThe price of Bitcoin is currently struggling to stay above $70,000, having dropped as low as $60,000.
Bitcoin’s price structure shows lower highs and lower lows, signaling that the market is in a downtrend.
Analysts note that Bitcoin will need to reclaim and hold above key resistance levels for any significant upside to materialize.
The current market situation, coupled with the recent Whale activities, is leading some to believe Bitcoin may continue to face downward pressure.
With the market’s sentiment deeply affected by these technical signals, any additional selling pressure could push Bitcoin lower.
Related Reading: Why Bitcoin Fell 53% in 120 Days Without Any Major Bad News
Bitcoin’s Struggles and Broader Market Context
The market sentiment has further worsened with the Crypto Fear & Greed Index recently hitting extreme levels.
The index dropped to 6, indicating significant fear across the broader crypto market. This extreme fear reflects the uncertainty traders feel as Bitcoin struggles to maintain its value.
The overall market is also facing pressure from broader economic factors. With global markets in a risk-off mode, Bitcoin has faced greater volatility.
Risk assets, including cryptocurrencies, are under increased scrutiny as investors seek stability.
In the past, Bitcoin has shown resilience after major sell-offs, but the current market environment is more uncertain.
With institutions and large traders influencing price movements, Bitcoin’s short-term direction remains unclear.
As Jin’s actions and the broader market continue to evolve, Bitcoin’s next move will be closely watched.
Source: https://www.livebitcoinnews.com/will-bitcoin-crash-again-after-trump-insider-whale-dumps-6599-btc/
