Bitcoin whale shifts 1,220 BTC off Kraken – Will this help price bounce?
The post Bitcoin whale shifts 1,220 BTC off Kraken – Will this help price bounce? appeared on BitcoinEthereumNews.com.
Whale transfer and on-chain profitability set the stage for a potential upside move. Resistance holds strong as network growth stirs, but conviction is still lacking. Bitcoin [BTC] has seen a notable on-chain movement as 1,220 BTC (worth over $94.5 million) was transferred from Kraken to an unknown wallet, raising eyebrows across the market. Such massive whale transactions often precede volatility spikes, signaling a potential shift in market sentiment. At the same time, Bitcoin continues to hover below the psychological $80,000 resistance—an area that may define the direction of the next major move. Are most Bitcoin holders in the red? Unlike earlier bearish sentiment, the latest on-chain data paints a more optimistic picture. According to the “In/Out of the Money” chart, around 73.53% of Bitcoin addresses are currently in profit, with only 24.56% underwater. This indicates that a majority of holders bought Bitcoin at lower levels and are now sitting on substantial gains. In fact, investor pressure to sell is relatively muted for now, offering the market a solid psychological cushion. However, a rejection at the current price range could still spook those holding smaller unrealized profits. Source: IntoTheBlock Can Bitcoin hold the $77K support level? At the time of writing, Bitcoin was trading at $77,175 after a 2.33% decline over the past 24 hours. Price action remains bearish, confined under a descending trendline while hovering slightly above the $72,000–$75,000 support zone. This region has repeatedly absorbed selling pressure, acting as a battleground between bulls and bears. However, a confirmed move above $83,878 could invalidate the downtrend and set the stage for a move toward $96,000. Until then, the bearish structure remains intact, and any drop below support could accelerate selling pressure toward lower levels. Source: TradingView Is market sentiment still positive? The net unrealized profit/loss (NUPL) was at 0.43, up…
