Recently, the cryptocurrency market has been rattled by a major development: on-chain data shows that since February 13, a Bitcoin whale address has transferred approximately 900,000 BTC, valued at an astonishing $60 billion. This large-scale sell-off has sparked widespread debate over whether the Bitcoin price is headed for a significant correction. With massive selling pressure and shifting market sentiment, Bitcoin now finds itself at a critical support range. In this article, we’ll analyze the current state and potential outlook for BTC from the perspectives of on-chain data, market supply and demand, and technical analysis, using Gate market data as a reference.
Bitcoin position volatility, source: Glassnode
Whale Activity: Market Logic Behind the Sell-Off
On-chain movements by whales are often seen as signals of potential selling pressure. According to sources like Santiment, these massive fund transfers suggest that some early holders or large institutions are choosing to take profits or adjust their positions amid current price volatility. Selling at this scale can easily create excess supply during range-bound trading, weakening bullish momentum.
Yet, the market is shaped by the ongoing tug-of-war between bulls and bears. While these whales are selling, on-chain data reveals another trend: addresses holding between 1,000 and 10,000 BTC (another segment of whale investors) have accumulated roughly 98,000 BTC over the past month. Their total holdings have quickly rebounded to 3.09 million BTC, forming a so-called "V-shaped accumulation." This indicates that, despite some large players exiting or waiting on the sidelines, there are still long-term investors stepping in to absorb supply.
Bitcoin whale sell-off, source: Santiment
Market Sentiment and Key Price Levels
As of February 24, 2026, Gate market data shows Bitcoin (BTC) trading at $63,311.1, down 3.72% over 24 hours, with a daily low of $62,704.7. Currently, market sentiment is rated as "neutral," but the price has fallen below the lower boundary of the previous $65,000–$70,000 trading range.
From a technical perspective, Bitcoin has formed a symmetrical triangle consolidation pattern over the past two weeks. Due to the tangible supply pressure from whale selling, the price has broken downward from this formation. Now, market attention is focused on the previous key support level at $64,142. If the price fails to quickly reclaim this level, the next major psychological support will shift down to the $60,000 mark.
Bitcoin price analysis, data source: TradingView
Notably, despite the price pressure, some mid-term holders (those holding for 3 to 6 months) have not engaged in panic selling. Instead, they’ve chosen to continue holding, reducing the supply from this cohort by 5%. Historically, such behavior often helps provide structural support for the price, limiting further downside.
Bitcoin Price Forecast and Outlook
Based on current on-chain dynamics and technical patterns, BTC price may soon test the strength of the $60,000 support zone in the short term. If whale selling persists and $60,000 is breached, the market could seek support at $58,000 or even deeper liquidity levels.
However, long-term outlooks remain divided. As selling pressure is gradually absorbed, and if macro conditions improve alongside a shift from mid-term to long-term holding, Bitcoin retains the potential for a rebound. According to long-term forecasts from Gate Research Institute, Bitcoin is expected to fluctuate broadly between $47,402.78 and $67,812.31 throughout 2026, with an average price around $65,837.2.
Looking further ahead, as the next halving takes effect and institutional adoption increases, the market generally expects prices to resume an upward trajectory. Projections suggest that by 2031, Bitcoin (BTC) could reach $116,957.38, offering a potential return of +47.00% compared to today’s price. Of course, investors will need to weather current volatility with patience and prudent risk management.
Conclusion and Risk Warning
In summary, the $60 billion whale sell-off is indeed a sword hanging over the market, intensifying the risk of Bitcoin dropping below $60,000 in the short term. On the other hand, the shifting of holdings among different whale segments and the steadfastness of mid-term holders are contributing to a dynamic equilibrium.
For regular investors, now that the price has fallen below the critical $65,000 level, it’s important to closely monitor the defense of the $62,000–$60,000 range. In the derivatives market, a large number of long positions have been liquidated over the past 24 hours, underscoring the risks associated with leverage. Until the trend becomes clearer, it’s advisable to prioritize position control and risk management.
