A Bitcoin whale transferred 800 BTC, equivalent to $45.37 million, from Binance 17 hours ago, as per on-chain data. This specific whale has been identified as buying Bitcoin at high prices and selling it at losses.
In the last three months, this individual has made losses totaling over $40 million due to improper trading. This move was made when the market sentiment regarding Bitcoin was relatively positive.
While the increase has been slow and consistent, some are skeptical, especially given the whale’s trading history. This situation has raised concerns over whether the withdrawal signals a price increase.
Bitcoin Sees 2.3% Price Increase for the Day
Bitcoin has recorded a positive 2.3% rise within the last 24 hours between this whale activity. Currently priced at $58,291. 26, the crypto king has been range-bound between $55,573 and $58,334 in the same period.
Bitcoin’s market capitalization is now at $1.15 trillion, strengthening its position in the cryptocurrency market. Also, 24-hour trading volume has hit a mark of $27. 9 billion, up from 8.2 billion.
Factors including positive news can explain this rise in price and trading volume. On the other hand, Bitcoin adoption, institutional investments, and positive market sentiments due to whale activities like the recent 800 BTC withdrawal can also be termed as factors.
Although the whale had not been very successful in the previous trading it has made, this particular movement has attracted much attention because of its magnitude. However, investors and analysts are uncertain whether this move indicates that prices could be headed upward or if the whale will follow a similar pattern as previously observed, whereby he sells off his positions in the market when it is bearish.
Bitcoin Technical Analysis: Bullish Signals Emerging?
From technical analysis point of view, Bitcoin is in the process of entering a bullish trend. The price chart has a clear ascending channel. We know that such a pattern indicates that the asset is uptrend. At the time of writing, Bitcoin was listed at $58,191 on Kraken.
This level is rather close to the top edge of the narrowing price range set over the recent days. This movement is backed by increased buying pressure, as evidenced by the green candles in the chart. This means that there are more buyers than sellers.
1-hour BTC/USD Chart | Source: TradingView
The volume oscillator is at -37. 83%. A decreasing volume oscillator may indicate that the momentum is losing steam. On the other hand, it may show that the bears are losing steam, and the bulls can take over.
Here, the oscillators are declining as the price is pushing higher. This might indicate the beginning of a new bullish phase in the market. Also, this bullish price action reflects the whale’s withdrawal as well.
Usually, the movement of giant whales is a leading indicator of a price shift, whether upward or downward. If the whale has a long-term perspective on Bitcoin, then it may mean that he or she believes in further growth in the price of Bitcoin. On the other hand, if the whale decides to sell during the next price rally, it will put a lot of pressure on the market.
