No need to sell? While some hold tight, Bitcoin Wells buys big.
Despite the bearish market sentiment for the world's largest cryptocurrency by market value, Bitcoin (BTC), it seems that this trend cannot last long. In the year On September 17, 2024, crypto analytical firm CryptoQuant shared a post on X (formerly Twitter) indicating that a new whale and Binance traders are actively taking advantage of the current market sentiment by buying heavily on the dip.
When Whales Buy Bitcoin Dip
The post on X also noted that the old whales will continue to hold BTC. This market sentiment and current whale activity indicate market stability and potential price growth in the coming days.
However, looking at recent whale transactions, whales seem to be showing a strong interest in buying Bitcoin. On September 16, 2024, First Digital Lab transferred approximately $80 million of FDUSD to Binance, which could be used to purchase Bitcoin. If this happens, we will see a significant price rally.
When the firm last moved $145.5 million in FDSD to Binance, the price of BTC experienced a price jump of over 6.7% from $60,000 to $64,000.
Current price momentum
As of now, Bitcoin is trading around $57,800 and has experienced a price drop of more than 3 percent in the past 24 hours. During the same period, the transaction volume increased by 125%, according to Coinmarketcap data. This increase in trading volume reflects high participation from investors and traders during the downturn.
Bitcoin technical analysis and key levels
According to expert technical analysis, BTC is at a critical support level of $57,500 and is trading below the 200 Exponential Moving Average (EMA) on the daily time frame. The 200 EMA indicates that the asset is trending higher or lower.
Based on the historical price momentum, if BTC closes the daily candle below $57,000, there is a high probability that it will fall by another 5% to the $54,000 level in the coming days.
However, open demand for BTC decreased by 2%, indicating that traders are reducing their positions or are hesitant to build new positions due to high volatility.
