{"id":511828,"date":"2025-07-17T21:30:10","date_gmt":"2025-07-17T16:00:10","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=511828"},"modified":"2025-07-17T15:03:24","modified_gmt":"2025-07-17T09:33:24","slug":"80k-bitcoin-offloaded-as-120k-turns-into-resistance-a-fall-ahead","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/80k-bitcoin-offloaded-as-120k-turns-into-resistance-a-fall-ahead\/","title":{"rendered":"80K Bitcoin offloaded as $120K turns into resistance: A fall ahead?"},"content":{"rendered":"

Key Takeaways<\/strong><\/h2>\n

Bitcoin’s previous weekly high flipped from support to resistance. With bearishness growing, BTC\u2019s uptrend could be paused. What is behind these increasing shorts?<\/em><\/p>\n

\n

At the time of writing, Bitcoin [BTC]<\/a> traded at $118,237 with almost no change from the previous day closing price. Despite controlling $73 Billion in volume, BTC was short of the glory seen at the ATH of $123,000.<\/p>\n

Since hitting a new ATH, Bitcoin price has been declining, but still remains volatile. Why is Bitcoin continuing to decline, then?<\/p>\n

BTC support turns into resistance<\/strong><\/h2>\n

Bitcoin turned the previous week highs into resistance after price broke below it during a retest. Earlier, price rallied past $120K after the successful retest of $110,000.<\/p>\n

BTC has tendency to obey previous week highs or lows. That said, it is likely that the flip into resistance could keep Bitcoin in a correction for some time until the structure shifted.<\/p>\n

\"BTC<\/a>
Source: Hyblock Capital<\/figcaption><\/figure>\n

From the chart, BTC could trade below the support at $116K with high potential to hit $113K, which coincides with previous week level.<\/p>\n

As price continues to fall, more factors accelerate this tendency to stay below $120K.<\/p>\n

Downtrend set to persist?\u00a0<\/strong><\/h2>\n

The fact that Bitcoin could continue staying below $120K stems from whales who are selling their spot position and shorting in the derivative markets.<\/p>\n

One such whale is the owner of 80,000 BTC, which were accumulated in the era when Bitcoin was launched.<\/p>\n

According to Marty Party on X<\/a>, formerly Twitter, the whale has finally sold all the coins to treasuries, ETFs, and exchanges.<\/p>\n

\"BTC\"<\/a>
Source: X<\/figcaption><\/figure>\n

As if that not enough, James Wynn, is also shorting Bitcoin and Hyperliquid [HYPE]<\/a> with 40X and 10X leverage respectively.<\/p>\n

The short has put Wyn in a profit of $473K in only 24 hours after his liquidation that happened a few days go.<\/p>\n

\"btc<\/a>
Source: EyeOnChain\/X<\/figcaption><\/figure>\n

This development adds further confluence that, now could be time to stay on the sidelines as the markets take a pause.<\/p>\n

Wynn\u2019s impact may entice other market participants to short BTC or even the market makers could decide to wipe some of the profits for traders.<\/p>\n

Kraken driving inflows<\/h2>\n

Additionally, gauging the inflows into exchanges, there has been a spike. Head of Research at CryptoQuant, Julio Moreno, noted<\/a> that these inflows were driven by the Kraken exchange.<\/p>\n

More dig into the data showed that about 18,761 BTC had hit the exchanges in the last 24 hours as of press time.<\/p>\n

\"BTC\"
Source: CryptoQuant<\/figcaption><\/figure>\n

The continued inflows suggest that traders were bagging profits before price finished the correction.<\/p>\n

That said, it is important to watch exchange outflows, which could signal return to accumulation. Not until then, the uptrend could stay subdued.<\/p>\n","protected":false},"excerpt":{"rendered":"

For how long will BTC hold below $120K?<\/p>\n","protected":false},"author":98,"featured_media":511867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-511828","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\n80K Bitcoin offloaded as $120K turns into resistance: A fall ahead? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin price turned the previous week highs into resistance after price broke below it during a retest. 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