Will BTC Cross $100K Mark? Crypto Whales Buy $4 Bln of Bitcoin
Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, is making waves in the cryptocurrency market with its impressive performance. Amid this bullish sentiment, a prominent cryptocurrency expert posted on X (formerly Twitter) today (November 23, 2024), highlighting the massive purchases made by Bitcoin whales over the past four trading days.
Whale buys 40,000 Bitcoin
In a post on X, the expert noted that crypto whales have purchased 40,000 BTC worth $3.96 billion from cryptocurrency exchanges. By studying this noteworthy acquisition, it appears that the whales began the acquisition when BTC broke out of the consolidation zone.
This high-profile acquisition hints at bullish market sentiment and potential buying opportunities.
Is Bitcoin worth buying at current levels?
For anyone wondering whether it’s worth buying Bitcoin at these levels, the answer lies in the massive buying by whales and institutions in recent days. including acquisitions micro strategy, Genius Groupetc., according to CoinPedia.
Bitcoin technical analysis and upcoming levels
According to expert technical analysis, BTC looks bullish and is about to reach $100,000. Recently, it broke out of a minor consolidation phase, and since then, its price has climbed steadily and reached an all-time high of $99,588.
However, in order to sustain this upward momentum, Bitcoin is likely to experience a minor price correction.
Furthermore, the asset is currently trading above the 200 exponential moving average (EMA) on the daily time frame, signaling an uptrend. Meanwhile, Bitcoin’s relative strength index (RSI) suggests a possible price correction in the coming days.
Mixed emotions on on-chain indicators
As of now, traders appear confused as no significant new position formation or liquidations have been recorded in the past 24 hours. Data from on-chain analytics firm Coinglass shows that Bitcoin’s open interest fell by 1.45% during the period.
Meanwhile, its long-short ratio currently stands at 1.03, indicating strong bullish sentiment among traders.
Current Price Momentum
Currently, BTC is trading near $98,870, up more than 1.45% in the past 24 hours. During the same period, its trading volume fell by 35%, indicating that trader participation was lower than the previous day.
