According to Cointelegraph: Bitcoin could face further downward pressure, potentially falling below the critical $50,000 mark this weekend as whales, large BTC-holding entities, prepare to lock in profits. The historically bearish month of September, combined with key market moves, suggests that Bitcoin may be in for a correction as soon as the next few days.Whales Prepare to Sell as Bitcoin Faces PressureLarge BTC holders, often referred to as whales, are already making moves to cash in on recent profits. Notably, a savvy whale address sold 100 BTC, worth over $5.3 million, netting a profit of $206,000. Additionally, 402,000 BTC, worth over $21 billion, was bought by addresses that are likely to sell near breakeven, according to on-chain intelligence firm Lookonchain.With 836,000 addresses having bought 402,800 BTC at prices between $51,113 and $54,303, these entities are positioned to sell their holdings, adding to selling pressure in the short term.In/Out of the money around price. Source: LookonchainAnalysts Warn of Sub-$50K CorrectionArthur Hayes, former CEO of BitMEX, has added to the bearish sentiment, predicting a correction below the key $50,000 psychological level as early as this weekend. Hayes took a short position, signaling his expectation of a price drop, writing, "BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen."In the 24 hours leading up to Sept. 7, Bitcoin lost the key $55,000 support, falling 1.4% to trade at $54,340, marking a weekly decline of nearly 8%. Analysts at Bitfinex have echoed Hayes’ warning, suggesting a potential correction below $50,000 before the next significant rally begins.BTC/USD, 1-day chart. Source: CointelegraphInstitutional Moves Add to Selling PressureFurther amplifying concerns of a downward trend, Galaxy Digital deposited $78.5 million worth of BTC to Coinbase Prime on Sept. 7, according to Lookonchain. This move could signal an institutional decision to offload Bitcoin, creating more pressure on the cryptocurrency’s price.Interest Rate Decision Looms Over MarketBitcoin is also facing potential volatility in the lead-up to the Sept. 18 U.S. Federal Reserve interest rate decision. Alvin Kan, COO of Bitget Wallet, expects downward pressure on both Bitcoin and the equity markets leading up to the decision. However, if the Federal Reserve confirms a rate cut, risk assets like Bitcoin could see a short-term boost in value.Galaxy Digital Bitcoin Deposit to Coinbase Prime. Source: LookonchainAccording to the CME FedWatch tool, there is currently a 70% chance of a 25 basis-point rate cut and a 30% chance of a 50 basis-point cut. A confirmed rate cut could potentially reverse some of the selling pressure, but in the immediate term, Bitcoin appears vulnerable. Odds of an interest rate cut. Source: CME FedWatchWith whale activity, institutional moves, and upcoming macroeconomic events, Bitcoin could see further downward pressure in the short term, with a potential drop below $50,000 looming. Traders will be watching closely as these factors unfold, keeping an eye on the critical Sept. 18 Fed meeting for any signs of relief.
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