Bitcoin Buy Time? Whale Acquires $183 Million Worth of BTC
The entire cryptocurrency market seems to be in trouble, including major players such as Bitcoin (BTC), Ethereum (ETH), and others. Whale trading tracker amid ongoing downturn Guan Lian A post shared on X (formerly Twitter) reported that a newly created wallet had withdrawn a massive amount of 1,850 BTC worth $183.37 million from Binance, the world’s largest cryptocurrency exchange.
Whale bought $183 million worth of Bitcoin
However, this notable divestment occurred as BTC fell to support near $97,300. Additionally, MicroStrategy also reportedly acquired 21,550 BTC worth $2.1 billion at an average price of $98,783. Coin Encyclopedia.
These recent acquisitions suggest that the whale and the institution are taking advantage of a perfect bargain-hunting opportunity.
$335 million in BTC flows out of exchanges
In addition to the recent Bitcoin withdrawals by whales and institutions, on-chain analytics firm Coinglass revealed that exchanges have seen a massive outflow of $335 million worth of Bitcoin in the past 24 hours. This indicates a potential buying opportunity and hints at the possibility of upward momentum in the coming days.
Bitcoin technical analysis and upcoming levels
According to expert technical analysis, since November 11, 2024, BTC has been in a pattern of higher highs and higher lows. Currently, BTC has reached higher lows in this pattern.
Historically, whenever Bitcoin reaches this level, it tends to experience upward momentum. This time around, however, investors and traders are speculating whether the same upward momentum will emerge, which may explain the rise in whale and institutional interest.
Based on recent price action, Bitcoin is very likely to surge 6.5% to $104,160 levels in the coming days.
On the positive side, BTC’s relative strength index (RSI) is currently at 44, which is close to oversold territory, indicating that an upward rebound is likely in the coming days. Additionally, BTC is trading above the 200 exponential moving average (EMA) on the daily time frame, indicating an uptrend.
Current Price Momentum
Currently, BTC is trading close to $97,700, with the price falling by more than 2.15% in the past 24 hours. Its trading volume surged 85% during this period, indicating increased participation from traders and investors amid bullish price activity.
