Bitcoin Whales Unstoppable, $283 Million Fresh BTC Purchases
In the year On November 22, 2024, all eyes are on Bitcoin (BTC), the world's largest cryptocurrency by market value, as it approaches the long-awaited $100,000 mark. With a significant price increase of over 5% in the last 24 hours, the property hit a new all-time high of $98,988, turning the overall market sentiment into a bearish one.
Bitcoin Whales bags $283 million BTC
In the midst of this bull run, Bitcoin whales seem unstoppable as they have made sustained and significant purchases of BTC over the past 12 hours. Recently, whale trading tracker Lookonchain posted on X (formerly Twitter) that a crypto whale bought $283 million worth of 2,895 BTC from Binance, the world's largest cryptocurrency exchange.
In a post on X, Lookonchain noted that whales are hoarding the asset as prices rise.
Reasons for BTC's bullish outlook include current market sentiment, recent adoptions by whales and institutions, the resignation of SEC Chairman Gary Gensler, and other factors.
With this bullish perspective, Bitcoin is currently trading around $98,600 and has seen an impressive price increase of over 5.2% in the last 24 hours. During the same period, the trading volume has increased by almost 50%, reflecting the change in market sentiment and the high participation from traders and investors.
Will BTC reach $100,000? Key steps to be observed
According to expert technical analysis, Bitcoin looks bullish and has been consolidating in a tight range between $96,320 and $98,100 levels in the last few hours. Based on the recent price action, if BTC breaks out of this consolidation and closes the four-hour candle above the $98,100 level, there is a high possibility that it will reach $100,000 in the coming hours.
Currently, the asset is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend. Meanwhile, the Relative Strength Index (RSI) suggests that a rally may be coming.
