Bitcoin recently surpassed the $79,000 level, extending a five-day rally to more than 30%. While institutions showed mixed actions—with BlackRock continuing to purchase—others, such as Jump Crypto, engaged in profit-taking.
Jump Crypto moved 1.14 thousand Bitcoin, valued at $89 million, to a Binance hot wallet to sell in transactions of $8.10 million and $80.88 million, according to data from Onchain Lens. Simultaneously, a whale tracked by Lookonchain continued a selling streak by offloading 2,700 BTC worth $211.8 million, bringing the whale's total sales over three days to 7,700 BTC valued at $576.6 million.
Together, the institutional and whale activity introduced more than $300 million in Bitcoin selling pressure. This prompted long liquidations to surpass $647 million, primarily driven by Bitcoin after the price retraced to $77,000. The broader market also saw minor pullbacks, with Ethereum, Solana, and Ripple each losing a portion of their recent gains.
Technical indicators on shorter timeframes suggest potential for a larger correction. The push past $79,500 drove Bitcoin's Relative Strength Index above 86, its most overbought level since November 2024, before cooling off to 80. Additionally, traders have stacked more than $92 million in sell orders between $79,000 and $78,000 on Binance, while large trades and whale orders sit between $74,000 and $76,000.
On hourly charts, Bitcoin dropped below the 9 and 26 simple moving averages, and the MACD turned red as prices broke under $77,000. However, the asset's price remains above the hourly 50 simple moving average.
