In the past five days, the cryptocurrency market, including Bitcoin (BTC) and Ethereum (ETH), has seen significant declines. BTC and ETH both dropped in price by around 6% and 11% respectively during this period.
Despite the downturn, whales, traders, and investors saw this as an opportunity. They withdrew a substantial amount of 14,140 Bitcoin, valued at $954.50 million, from cryptocurrency exchanges. This move was reported by CryptoQuant, an on-chain analytics firm.
Bitcoin Whales Accumulate Amid Market Fear
In the midst of a significant market downturn, both Bitcoin (BTC) and Ethereum (ETH) have faced notable declines over the past five days. BTC dropped by approximately 6%, while ETH saw a larger decline of around 11%. Despite these challenges, a notable event occurred over just 48 hours: whales, traders, and investors withdrew a substantial 14,140 Bitcoin from exchanges, totaling $954.50 million, according to CryptoQuant.
Courtesy Ali Chart. Source: X
During the recent price decline, fear has persisted in the market. A whale holding Ethena (ENA) tokens sold off a staggering 19 million tokens, incurring a loss of $14 million. This significant sell-off amid bearish sentiment underscores the cautious atmosphere prevailing in the market.
Current Status and Price Stability of Bitcoin
As of now, Bitcoin’s price has stabilized after testing a crucial support level. It recently reached an intraday low of $66,123 but has since recovered to trade near $67,500. Over the past 24 hours, Bitcoin has shown a slight upside momentum of 0.5%.
Looking at Bitcoin’s performance over a broader timeframe, it faced a nearly 6% decline in the last 7 days. However, over the past 30 days, Bitcoin has demonstrated an overall upside momentum of 11%, reflecting its volatile yet resilient nature in the cryptocurrency market.
Bitcoin Bullish Outlook Amid Technical Analysis
According to expert technical analysis, Bitcoin (BTC) is showing signs of a bullish trend, with expectations of a potential 6% increase in the near future. Currently, Bitcoin is forming a bullish double-bottom pattern on the daily timeframe. Key support levels and demand zones for BTC are identified around $67,300 and $66,300, where nearly $1 billion worth of Bitcoin has been accumulated recently.
Source: TradingView
On the 4-hour timeframe, Bitcoin faces resistance near the $67,800 level, influenced by the 200EMA (Exponential Moving Average). A decisive close above the $68,000 mark could pave the way for Bitcoin to test higher levels at $69,800 and $71,500 in the short term.
Aside from Bitcoin’s positive technical indicators, the broader cryptocurrency industry is also showing signs of bullish sentiment. There is optimism that the market could rebound soon, potentially leading to gains across various cryptocurrencies.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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