Bitcoin Whales have bought $14.2 billion worth of BTC in the past two months
Bitcoin (BTC), the world's largest cryptocurrency, has been in rough territory for over six months. However, in the past few weeks, interest from investors and whalers has peaked. On September 10, 2024, a prominent crypto analyst posted on X (formerly Twitter) that over 236,155 BTC worth more than $14.22 billion had been withdrawn from cryptocurrency exchanges in the past two months.
Increased whaling activity and accumulation.
Tokens removed from the exchange are generally considered a positive sign or sign of accumulation. However, during this period, BTC remained sideways and mostly at the lower end of the parallel channel pattern.
The analyst stated that the estimated consumption among all crypto exchanges has reached the highest level in 2024, which indicates that in addition to investors, Bitcoin traders are also becoming more concerned. All of this data combined suggests that Bitcoin (BTC) is poised for a major rally soon.
Bitcoin technical analysis and upcoming levels
According to expert technical analysis, BTC looks bullish as it has recently broken out of a downtrend on the four-hour time frame and has currently reached a critical resistance level at $57,850. On the four-hour time frame, BTC is consolidating in a tight range near that level.
Based on historical price progress, if BTC gives a hint of this consolidation zone and closes the four-hour candle above $58,000, there is a high probability that it could rise by 13% to the $65,000 level.
However, this bullish thesis will only hold if BTC closes the candle above $58,000, otherwise it may fail. Currently, technical indicators such as the Relative Strength Index (RSI) and the 200 Exponential Moving Average (EMA) suggest that BTC will see some price corrections.
Current price momentum
At press time, BTC is trading near the $57,500 level and has seen a 1.45% increase in price over the past 24 hours. Meanwhile, open demand remained stable over the same period, suggesting that investors and traders may be anticipating a potential risk.
