The cryptocurrency market is currently facing a downturn, with major players like Bitcoin (BTC) and Ethereum (ETH) struggling. Amidst this challenging environment, a significant whale transaction was recently reported by Lookonchain, a whale transaction tracker. A newly created wallet withdrew a substantial 1,850 BTC worth $183.37 million from Binance, the world’s largest cryptocurrency exchange.
This notable withdrawal comes at a time when BTC is hovering around a support level near $97,300. It also follows MicroStrategy’s recent acquisition of 21,550 BTC worth $2.1 billion, purchased at an average price of $98,783. These acquisitions suggest that both the whale and the institution are seizing the opportunity to buy the dip in the market.
In addition to these whale transactions, Coinglass, an on-chain analytics firm, revealed that exchanges have experienced a significant outflow of $335 million worth of Bitcoin in the past 24 hours. This outflow indicates a potential buying opportunity and hints at possible upward momentum in the near future.
Technical analysis of Bitcoin shows that the cryptocurrency has been following a pattern of higher highs and higher lows since November 11, 2024. Currently, BTC has reached a higher low in this pattern, which historically leads to upside momentum. Investors and traders are now speculating whether BTC will experience a similar rally, leading to increased interest from whales and institutions.
Based on recent price action, there is a strong possibility that BTC could surge by 6.5% to reach the $104,160 level in the coming days. The Relative Strength Index (RSI) for BTC is currently at 44, near the oversold region, indicating a potential upward rally. Moreover, BTC is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, signaling an uptrend.
At present, BTC is trading around $97,700, with a price decline of over 2.15% in the past 24 hours. Despite this decline, the trading volume has surged by 85%, suggesting increased participation from traders and investors amid bullish price activity.
In conclusion, the recent whale transactions, institutional acquisitions, and outflow from exchanges indicate a potential turnaround in the cryptocurrency market, with Bitcoin showing signs of a possible upward rally in the near future. Investors and traders are closely watching the price action to capitalize on the market dynamics and potential buying opportunities.