In this ongoing selling pressure, the overall cryptocurrency market may experience a massive sell-off. Today, in order to return a massive $3 billion worth of assets to customers, Genesis has recently transferred a significant $2.958 billion worth of Bitcoin (BTC) and Ethereum (ETH), according to the on-chain analytics firm Lookonchain.
Genesis moves $3 billion worth of BTC and ETH
Today on August 2, 2024, Lookonchain made a post on X (previously Twitter) stating that Genesis Trading has just moved a notable 32,256 Bitcoin (BTC) worth $2.12 billion and 256,775 Ethereum (ETH) worth $838 million to multiple addresses in the last 3 days. This massive asset transfer may impact the overall cryptocurrency market.
Earlier between June 12 and July 15, 2024, when Genesis Trading transferred 13,291 BTC worth $830.7 million to Coinbase, the market was significantly impacted, and the BTC price fell from $68,000 to $55,800. This massive price drop was approximately 18%, as shared by Lookonchain. However, this time we may see a similar kind of price fall.
Bitcoin price-performance analysis
As of now, BTC is trading near $63,200 and has experienced nearly a 2% price drop in the last hour. However, in the last 24 hours, it has seen a 0.6% upside momentum. Meanwhile, trading volume during the same period is up by 17%, highlighting increased participation from traders and investors.
Bitcoin technical analysis and key levels
According to expert technical analysis, BTC looks bearish and is currently at a crucial support level near $63,000. If BTC fails to sustain this level we may see a massive sell-off.
Based on the historical data and price momentum, if BTC gives a daily candle closing below the $62,300 level, there is a high chance that the price of BTC could fall below $60,000 or even more in the coming days.
As of now the major liquidation levels are at $62,500 on the lower side and $64,500 on the higher side, according to on-chain analytic firm CoinGlass.
If the market sentiment remains unchanged and BTC falls to the $62,500 level, nearly $401 million of the long position will be liquidated. Conversely, if market sentiment changes and BTC price soars to the $64,500 level, nearly $720 million of short position will be liquidated.