Bitcoin Shows First Warning Signs After $15K Surge in 2 Days

Is BTC's rally in danger now?

Bitcoin experienced one of its most impressive price increases in recent history since Wednesday afternoon as it skyrocketed by over $15,000 in less than 48 hours to near $80,000 for the first time since mid-May.

The old saying, though, ‘what goes up must come down,’ has come into focus now after the asset was rejected at $80,000. Here are some additional warning signs that could lead to a more profound correction.

Whales Are Cashing Out

Such an unexpected price surge of over 25% in just days in times of market distress and lack of actual major catalysts aside from the US Treasury Department’s pivot caught many investors off guard, and some of the most prominent ones have decided to secure some profits. Perhaps the most obvious example was reported by Lookonchain earlier today.

A mysterious whale offloaded another 2,700 BTC for $212 million today. In total, they have disposed of 7,700 BTC for $576.6 million in just three days as the cryptocurrency’s rally began and it broke above several notable resistance levels.

The analytics company outlined another such example in which a whale whose address ends with bc1qqt sold 550 BTC for nearly $40 million, securing a profit of $4.5 million.