Could Crash Again After Dumps <6,599 BTC> to Binance?

In the wild world of crypto, big moves by whales can shake the market. A just sent <6,599 BTC> to Binance. This huge transfer, worth about $463 million, has traders worried. Is another crash coming? Let’s break it down step by step.

Who is This ?

Garrett Jin is no stranger to Bitcoin action. People call him a because of his ties to pro-crypto voices close to former President Trump. Jin has a history of big bets in the market. Just days ago, he lost $250 million in a liquidation when Bitcoin dropped hard.

Now, he’s moving serious coins. First, he sent 1,599 BTC. Then, a bigger batch: 5,000 BTC in just two hours. That’s <6,599 BTC> total hitting Binance, the top crypto exchange. Whales like Jin often move coins to exchanges to sell. This sparks fears of more sell pressure on an already shaky Bitcoin price.

The Transfer Details That Sparked Panic

These moves happened fast. On-chain data shows the deposits clear as day. Traders watch tools like Lookonchain for such alerts. When a wallet linked to Jin lit up with transfers to Binance, chatter exploded on social media.

• Total BTC moved: 6,599 BTC
• Value at current prices: Around $463 million
• Timing: Right after a recent price dip
• Exchange: Binance, perfect for quick sells

Jin’s past plays add fuel to the fire. He held large short positions before past drops. Shorts bet on price falls. When they win, markets tank harder. Is history repeating?

Bitcoin’s Price Struggles Right Now

Bitcoin can’t catch a break. It dropped from highs near $100,000 to test $60,000 lows. Now, it’s hovering around $70,000 but failing to hold. The chart shows lower highs and lower lows – a classic downtrend sign.

Key support levels are cracking. If Bitcoin slips below $65,000, the next stop could be $50,000. Traders eye $70,000 as a make-or-break line. Break above? Relief rally. Break below? Panic city.

Technical Signals Screaming Caution

Charts don’t lie. Bitcoin’s RSI is at 31.57 – deep in oversold territory. That means sellers are exhausted, but it can stay low longer than you think. MACD shows negative momentum, with lines far apart.

Other signs:

• Moving averages: Price below 50-day and 200-day lines
• Volume: Low buy volume, high sell spikes
• Bollinger Bands: Squeezed tight, hinting at big volatility soon

These bearish clues match the whale dump timing. Add selling from Jin, and downside risk grows.

Fear & Greed Index Hits Rock Bottom

The Crypto Fear & Greed Index? It’s at 6 – extreme fear. This gauge mixes volatility, volume, and social buzz. Low scores mean panic selling and cheap prices. Historically, bottoms form here, but not always quick rebounds.

Bitcoin fell 53% in 120 days before without big bad news. Now, with whale action, sentiment worsens. Global markets are risk-off too. Stocks dip, bonds rise – crypto suffers.

Why Whale Dumps Matter So Much

Whales hold tons of BTC. One dump floods the market with supply. Exchanges see order books tilt red. Panic spreads: retail traders sell in fear, amplifying the drop.

But not all dumps lead to crashes. Sometimes whales reposition or lend coins. Still, in this weak market, eyes are on Binance outflows. If Jin sells, expect ripples.

Trump Connection: Politics Meets Crypto

Why ? Trump pushes crypto hard now. His circle includes big players like Jin. Rumors swirl of pro-BTC policies if he returns. But personal moves like this? They cut both ways. Bulls hoped for support; now doubt creeps in.

What Could Happen Next for Bitcoin?

1. Crash Scenario: Sell pressure pushes BTC under $60,000. Fear index drops more. Altcoins bleed harder.
2. Bounce Case: Oversold bounce + ETF inflows lift price to $80,000.
3. Sideways Grind: Choppy action until Fed news or halving effects kick in.

Watch these triggers:

• Binance sell confirmations
• US economic data
• Institutional buys (MicroStrategy? ETFs?)

Lessons from Past Bitcoin Crashes

Bitcoin crashed 80%+ multiple times: 2018, 2022. Each time, it recovered stronger. But pain lasts months. If you’re holding, zoom out. If trading, use stops.

Diversify, don’t FOMO. Whales play games; you don’t have to.

Final Thoughts: Stay Alert

The <6,599 BTC> dump by this adds fuel to crash fears. With bearish techs and max fear, Bitcoin walks a tightrope. Will it crash again? No one knows for sure. Track on-chain data, charts, and news. In crypto, fortune favors the prepared.

What do you think? Share in comments. BTC to $50k or $100k next?

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