Bitcoin whale buys 1K BTC like ‘crazy’ Binance sell lows below $58K
On August 29th, Bitcoin (BTC) re-corrected to $60,000 as it emerged from a fresh sell-off.
Binance will drop 45,000 BTC
According to data from Cointelegraph Markets Pro and TradingView, BTC's price action matched the two-week low of $57,900 on Bitstamp before retracing.
BTC/USD has come under pressure in the past few days, with market participants expressing weakness by selling on the largest global exchange, Binance.
The exchange was embroiled in a controversy over consumer money in Palestine, especially since the United States business hours showed a significant increase in sales.
According to the tracking source, CoinGlass recorded a decrease of 45,000 BTC in Binance's BTC balance.
Michael van de Pop, founder and CEO of trading firm MNTrading, predicted a drop to $56,000, arguing that missing the $61,000 mark on lower timeframes is “significant.”
More encouraging signs came from big investors, with analytics platform Lookonchain highlighting nearly $60 million worth of whale purchases.
At around $59,000, Santiment's previous research found, buying the dip was already “very good” for the whale and shark hodler team.
“Last month, wallets with 10-10K BTC accumulated 133.3K additional coins, while small traders continued to impatiently dump their holdings,” he explained in part in a post on X.
Bitcoin is retesting long-term “mixed support”.
According to prominent trader and analyst Rect Capital, BTC/USD continues its weekly consolidation pattern in a narrow wedge.
Related: Bitcoin Price At 11x S&P 500 Signals BTC ‘Rolls' – Analyst
“Bitcoin actually developed a high low (light blue) and kept itself above the weekly level (black; $55737),” he explained with the chart of the day.
“Furthermore, Bitcoin has since formed a base at a weekly high (~$58,000) which has been acting as converging support this week. As we speak, this converging support is being retested.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
