Bitcoin price could continue to decline if it fails to clear the $82,000 level, whereas Metaplanet’s multimillion-dollar BTC deposit, alongside a whale’s bearish bet, adds additional selling pressure on the asset.
Bitcoin price appears to be facing strong selling pressure, and the result has been evident, as BTC declined by over 4.15% in the past 48 hours. At press time, BTC jumped a modest 0.15% over the past 24 hours and traded at near the $78,000 level.
However, the asset’s trading volume during the same period declined by 55% to $17.08 billion, indicating fear among market participants and further suggesting weakness in the trend.
Multiple factors appear to be weighing down on BTC: the mining firm that continues depositing, a bearish bet by a whale, and massive outflows from spot Bitcoin ETFs.
As per multiple reports from the crypto transaction tracker Lookonchain, Metaplanet has deposited a massive 4,350 BTC worth $345 million to Coinbase Prime over the past 48 hours. Meanwhile, another report from Lookonchain disclosed that a crypto whale deposited $4 million in USDC and opened a 30x short on 300 BTC worth $23.76 million.
Alongside these crypto players, Wall Street investors also have a similar view, as recorded on the on-chain platform SoSoValue. Data show that U.S. spot Bitcoin ETFs have ended their prolonged inflow streak, with a massive outflow of $201.81 million recorded on August 28, 2026. This massive outflow shows fading institutional interest in BTC after the recent rally.
These bearish transactions and massive outflows in spot ETFs indicate a bearish sentiment in the broader market. In fact, it also raises questions about Bitcoin price: is this the end of its upward momentum or just a correction phase after a rally?
TradingView’s daily chart depicts Bitcoin price facing rejection at the key resistance level near $82,000. Further, the formation of a bearish engulfing pattern hints at a short-term correction ahead in the market.
Furthermore, the price chart also indicates that earlier in May 2026, on multiple occasions, whenever BTC reached this key level, it witnessed a downside. The same pattern seems to be repeating here.
Based on the current price action, if BTC fails to break the $82,000 level this time, history will repeat itself. In this scenario, the asset may fall by 5.50%, to the $73,800 level. That said, for Bitcoin price to make an upward move, it needs to clear the $82,000 level.
At press time, Bitcoin traded above the 200-day Exponential Moving Average (EMA), indicating that BTC price is bullish in the long term, while bulls seem to be dominating the asset. Meanwhile, the asset’s Average Directional Index (ADX) read 41.11, above the key threshold level of 25, which suggests that BTC has strong trend strength.
Looking at the broader scenario, the mining firms' $345 million worth of BTC deposits, whales’ $23.76 million in short bets, and an outflow of $201.81 million over the past 48 hours are likely reasons for the recent correction.
In fact, price action hints that further downside may occur, owing to a strong bearish engulfing candle near the key resistance level of $82,000.
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