Bitcoin Whales Make Significant Transactions
Recent reports have revealed a surge in whale activity for Bitcoin. Whale Alert, a crypto tracker, has identified several large transactions from unknown wallets to exchanges like Binance and Coinbase.
Binance received over $67 million worth of whale inflows, while Coinbase received over $310 million. One transaction of 781 BTC was split among four wallets, with 658 BTC going directly to Binance. Another wallet sent 499 BTC worth $20.6 million to Binance.
In the most recent whale activity, about 500 BTCs were transferred to Binance, valued at $20.5 million. Meanwhile, Coinbase received a total of 7,515 Bitcoin from unknown wallets.
Analyst Identifies Support Levels for Bitcoin
Cryptocurrency analyst Ali Martinez has shared key support levels for Bitcoin. According to Martinez, if a deep correction occurs, BTC will find solid support between $37,150 and $38,360. This support zone is backed by 1.52 million addresses holding about 534,000 BTC.
Martinez also highlighted two resistance walls: one at $43,850 and another at $46,400 that could hinder the upward rally of the crypto asset.
Currently, BTC is priced at $41,380 with a 1% decline in the last 24 hours. Its market capitalization stands at around $809 billion according to CoinMarketCap.
Hot Take: Bitcoin Whales Trigger Speculation Amidst Surge in Activity
The recent surge in whale transactions involving Bitcoin has sparked speculation within the crypto community. With significant amounts of BTC being transferred to major exchanges like Binance and Coinbase, many are wondering about the potential impact on the price of the cryptocurrency.
While there is no solid evidence linking these whale transactions to price movements, the sheer volume of Bitcoin being moved raises questions about market dynamics and investor sentiment. Analyst Ali Martinez’s identification of support and resistance levels further adds to the intrigue surrounding Bitcoin’s future performance.
As the crypto market continues to evolve, keeping an eye on whale activity and key support levels will be crucial for investors looking to navigate the volatility and make informed decisions.
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