Bitcoin breaks $79K as Jump Crypto sells $89M – Can BTC hold THIS level?

Bitcoin [BTC] surpassed the $79,000 level as it extended its five-day rally to more than 30%. Institutions have mixed actions, as BlackRock continues to buy while others like Jump Crypto are taking profits.

The retracement back to $77K after massive liquidations hints that a bigger correction might be coming. Here are the full details of what follows after hitting the $79K wall.

Jump Crypto’s BTC sell triggers massive liquidations

After Bitcoin recovered massively from the correction that saw it revisit the $60K zone, some institutions have started offloading. For instance, Jump Crypto moved 1.14K BTC, valued at $89 million, to Binance’s hot wallet to sell.

The activity was completed in two transactions of $8.10 million and $80.88 million. When such institutions take profit, these activities tend to trigger market-wide distribution.

Apart from Jump Crypto, a mysterious whale who has been selling Bitcoin since the 19th of July continued selling. As per data from Lookonchain, they sold 2,700 BTC worth $211.8 million, bringing the total to 7,700 BTC worth $576.6 million in three days.

Collectively, the institution and the whale accounted for more than $300 million in BTC selling pressure.

As a result, long liquidations surpassed $647 million, with Bitcoin accounting for most of it. These liquidations spiked after BTC price retraced to $77,000.