NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Here’s Why Coinbase Whales Contributed to Bitcoin’s Sub-$30,000 Plunge

Cole Petersen
Cole Petersen
1 year ago
2 mins read
Bitcoin

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

  • Bitcoin has been facing some immense selling pressure today that has caused its price to plunge below $30,000
  • This was previously strong support for the crypto, and it is now testing the support it has at its multi-week lows of $29,000
  • Where the market trends next will likely depend largely on whether or not buyers can continue defending against any imminent downside
  • One startling trend seen on Coinbase is the disappearance of whales that had previously been supporting the price this morning
  • An on-chain analyst explained that the heightened spot buying activity on Coinbase disappearing was a tell-tale sign that a deeper correction was imminent

Bitcoin has seen some incredibly lackluster price action as of late, with every large upwards movement being absorbed by bears while bulls do little to guard against downside.

The entire market has plunged today thanks to Bitcoin’s inability to hold above $30,000, and the selling pressure it has been facing shows no signs of letting up anytime soon.

One analyst explained in a recent tweet that Coinbase whales who had previously been supporting the price above $30,000 “gave up” and opened the gates for further losses.

Bitcoin Struggles to Gain Momentum as Selling Pressure Mounts

At the time of writing, Bitcoin is trading down roughly 6% at its current price of $30,300. This marks a notable decline from recent highs of $33,000 that were set yesterday afternoon.

The crypto has seen a strong rebound from its $29,000 lows set just a few hours ago, with bulls now looking to stabilize above $30,000 and reclaim this crucial level as support.

If successfully flipped back into support, $30,000 could provide a strong base for the crypto to expand off of.

Coinbase Whales Stop Bidding as Price Declines

The fleeting break below $30,000 this morning appeared to come about right after Bitcoin whales on Coinbase stopped bidding.

This could be a sign of fear amongst large investors and led one on-chain analyst to close his long positions.

“Closed long here as Coinbase whales gave up to buy more BTC… Minus premium.”

Bitcoin

Image Courtesy of Ki Young Ju. Source: CryptoQuant.

Now that BTC is back above $30,000 and holding steady, these large buyers’ resurgence could help formulate this as a long-term bottom.

Featured image from Unsplash.
Charts from TradingView.
Tweet123Share196ShareSend
Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

crypto

Crypto Market Cap On Track To $4.5 Trillion As Q3 Unfolds – Details

Popular market analyst and key opinion leader (KOL) Ted Pillows is projecting the crypto market to hit a $4.5 trillion...

Semilore Faleti 8 hours ago
Ethereum

Ethereum Price Stuck At $2,500: Analyst Says Don’t Trade Until This Happens

The Ethereum price is currently locked in a narrow trading range of around $2,500, with momentum stalling despite the market’s...

Scott Matherson 10 hours ago

What FunToken movement towards a 500% spike says about the scarcity market psychology

FUNToken made an almost historic announcement on June 19, 2025, wherein the company announced a fixed tokenomics, with its supply...

News BTC 11 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Analyst Shares Bitcoin Cheat Sheet Showing When The Bull Run Begins

Scott Matherson 1 hour ago
Bitcoin

No Need To Panic, Bitcoin’s Peak Still Coming In October 2025 – Analyst

Semilore Faleti 2 hours ago
Litecoin

Litecoin Fate Tied To Bitcoin – Will $96 Resistance Crack?

Godspower Owie 4 hours ago

Premium Sponsors

Press Releases

  • XRP Cryptocurrency × Dogecoin Mining: HASHJ launches...

    7 hours ago
  • Koja kriptovaluta ima veći potencijal za stvaranje milijunaša XRP ili Shiba Inu

    Koja kriptovaluta ima veći potencijal za stvaranje...

    11 hours ago
  • 3 altcoina koje vrijedi pratiti u prvom tjednu srpnja 2025

    11 hours ago
  • XRP Bulls Are Soaring — FINDMINING Rides the Wave to...

    17 hours ago
  • $AIN Expands to 7 DEXs as AI Network Activates Omnichain AI...

    17 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.