The cryptocurrency market is currently facing a downturn, with major players such as Bitcoin (BTC) and Ethereum (ETH) struggling to maintain their value. Amidst this challenging market environment, whale transaction tracker Lookonchain recently reported a significant withdrawal of 1,850 BTC worth $183.37 million from Binance, the world’s largest cryptocurrency exchange.
This sizable withdrawal comes at a time when BTC has dropped to a support level near $97,300. Interestingly, this move follows MicroStrategy’s acquisition of 21,550 BTC worth $2.1 billion, purchased at an average price of $98,783. These recent transactions by whales and institutions suggest a strategic move to capitalize on a buy-the-dip opportunity in the market.
In addition to these high-value transactions, on-chain analytics firm Coinglass revealed that exchanges have witnessed a substantial 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.
Bitcoin’s technical analysis shows that the cryptocurrency has been trading in a pattern of higher highs and higher lows since November 11, 2024. Currently, BTC has reached a higher low within this pattern, signaling a potential reversal in price direction. Historically, when BTC reaches this level, it tends to experience a bullish rally. Traders and investors are closely monitoring the market to see if this pattern will repeat this time.
Based on recent price movements, 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 at 44, near the oversold region, indicating a potential upward movement. Additionally, BTC is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, suggesting an overall uptrend.
As of now, BTC is trading near $97,700 with a price decline of over 2.15% in the past 24 hours. The trading volume has surged by 85%, showing increased participation from traders and investors in response to the bullish price activity.
Overall, the recent whale transactions, institutional acquisitions, and exchange outflows indicate a positive sentiment in the market. Traders and investors are closely monitoring Bitcoin’s price movements for potential opportunities in the near future.