Selling pressure for Bitcoin may increase further in the run-up to the September 18 U.S. interest rate cut. The question is, will Bitcoin drop under $50,000 this weekend?
The BTC/USD pair is likely to fall below the $50,000 psychological level as early as this weekend, especially if September, a historically bearish month, exerts downward pressure.
The current Bitcoin (BTC) price of $54,364, as displayed by tickers, could be vulnerable to further selling pressure this weekend. This is particularly true if whales—entities with large amounts of Bitcoin—decide to book their gains. Recently, a whale transferred 100 BTC from one wallet to another, securing over $206,000 in profit after buying more than $5.3 million worth of Bitcoin.
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Following this trend, a total of 402,000 BTC worth over $21 billion was bought by addresses likely looking to sell at breakeven. According to a Sept. 7 X post by on-chain intelligence firm Lookonchain:
“836,000 addresses purchased ~402,800 $BTC ($21 billion) at a price between $51,113 and $54,303. These addresses are likely to sell near breakeven.”
As shown in the table below, whales significantly influence price fluctuations due to their large pool of market-making capital. Traders often use whale-selling signals to gauge short-term trends in cryptocurrencies.