BTC has had a major breakout this week and looks set to see a stellar close to the year. The world’s leading cryptocurrency saw a massive move above the $20K mark in yesterday’s trading as it soared over 20% to break the $22K level.
BTCUSD gained pace above the $23,000 level in a move that shocked investors and formed a new all-time high at $23,715. Since then, the digital coin has started a downward correction as crypto bulls offload coins to take profits.
There was a break below the $23K and $22.8K levels, but the bulls managed to protect the price from diving lower after a swing low was formed near $22,263. As of this article’s writing, BTC is trading down 3.27% at its current price of $22,753. A consolidation phase could now be starting after the massive thrust higher.
BTCUSD Chart By TradingView
Whales Sold Massively Into the Bitcoin Rally
Bitcoin’s extreme rally has pushed it from $19K to near $23,800 at the highs. This surge was accompanied by heavy selling from the whales, according to on-chain data.
Crypto trader Edward Morra shared the chart below showing that whales sold heavily into this Bitcoin rally. In fact, there were serious sell walls at almost every price level from $20K up, indicating that most investors didn’t anticipate the coin to go as high as it did.
BTC chart with an order book analysis by Edward Morra | Source TradingView
That said, the BTC price did manage to hold up quite well despite the large sell walls seen on Bitfinex and Coinbase BTC markets during the move higher.
The fact that BTC has managed to stay above $22K despite the massive selling pressure shows the rally’s strength.
BTC Price Sees Longest Weekly Uptrend In History
According to the Parabolic SAR indicator, BTC has just set another record, this time for the longest weekly uptrend in the digital asset’s 12-year history.
Although BTC has seen at least two bull runs in the past, this current run is the most unprecedented yet. Institutional investors seem to have taken a keen interest in the coin’s ascent and are gobbling up the remaining BTC supply, threatening to cause a liquidity crisis.
Historically, once BTC breaches its former price record, it goes parabolic for approximately a year thereafter. Crypto enthusiasts will now be hoping BTC can keep thrusting higher as it has already set a record for the longest weekly uptrend ever.