Justin Sun Moves Millions in Bitcoin to Binance, What’s Cooking?
Bitcoin (BTC), the world's biggest cryptocurrency, has maintained its position above $60,000 for four consecutive trading days and is currently consolidating in a tight range. In the midst of this consolidation, Justin Sun, the founder of HTX and TRON, has garnered widespread attention due to his significant transfer of BTC to Binance.
Justin Sun moved $30 million BTC to Binance
In the year On August 11, 2024, on-chain analytics firm Spotonchain wrote on X (formerly Twitter) that Sun popularly transferred 500 BTC worth $30.3 million to a Binance deposit. However, he later transferred 513.4 BTC worth $31.2 million to a new wallet.
However, what he intends to do is very unexpected. So far in 2024, 2,969 BTC with an average value of $55,185 for HTX and Binance has deposited $164 million.
BTC price overview
Following this massive transfer, there was no impact on the BTC price. At the time of publication, BTC is trading near the $61,000 level and has experienced a 0.5% price jump in the last 24 hours. Despite the stability of the price, the BTC trading volume has decreased by more than 55% during the same period. This decrease in transaction volume indicates low participation of traders and investors.
Meanwhile, open demand for BTC also seems to be struggling as it is up 0.5% in the last 24 hours. This stability in OI indicates low demand from traders.
Bitcoin technical analysis
Experts suggest that BTC is moving above the 200 Exponential Moving Average (EMA) on a daily time frame, so it is at a high level. However, it has been in a consolidation phase for the past 4 days. The breakdown of this consolidation will play a major role in the upcoming price rally.
If BTC breaks this consolidation zone and closes a daily candle above the $61,700 level, there is a high probability that it will rise to the $68,000 level. On the contrary, if BTC breaks this consolidation zone, there is a high possibility that it will face a strong selloff towards the $58,000 level.
