Time to buy Bitcoin? Well, he got $183 million from the price of BTC
The entire cryptocurrency market seems to be struggling, including major players like Bitcoin (BTC), Ethereum (ETH), and others. During this ongoing fallout, whale transaction tracker Lookonchain shared a post on X (formerly Twitter), reporting that a newly created wallet has withdrawn $183.37 million from Binance worth $183.37 million.
Wale bought $183 million worth of bitcoins
However, this significant breakout comes at a time when BTC has dropped to a support level near $97,300. Additionally, CoinPedia reported that MicroStrategy's 21,550 BTC worth $2.1 billion was bought at an average price of $98,783.
These latest findings suggest that this whale and the facility are taking advantage of a perfect buying opportunity.
335 million USD BTC withdrawn from exchanges
In addition to recent BTC withdrawals by whales and institutions, on-chain analytics firm Coinglass has confirmed that exchanges have withdrawn a whopping $335 million worth of Bitcoin in the past 24 hours. This indicates a potential buying opportunity and suggests potential upside in the coming days.
Bitcoin technical analysis and upcoming level
According to expert technical analysis, BTC has been trading at higher highs and higher lows since November 11, 2024. Currently, BTC has reached a higher low in this pattern.
Historically, whenever BTC reaches this level, it experiences an upward movement. However, at this time, investors and traders experience the same rate of increase, which can explain the increasing demand from whales and institutions.
Based on the recent price action, there is a high probability that BTC will rise by 6.5% to reach the level of $104,160 in the coming days.
On the positive side, BTC's Relative Strength Index (RSI) currently stands at 44 near the oversold range, suggesting a possible reversal in the coming days. Additionally, BTC is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.
Current price momentum
BTC is currently trading near $97,700 and has recorded a price decrease of over 2.15% in the last 24 hours. Trading volume increased by 85 percent during this period, indicating higher participation from traders and investors in the high price movement.
