Bitcoin Price Rises as Whale Buys $187 Million Worth of Crypto
The price of Bitcoin has increased by almost 2% in the last 24 hours, reaching $39,450. However, trading volume has dropped by almost 10% due to decreased activity in the retail market during the weekend. This creates increased volatility as larger trades from whales can have a greater influence on the market.
A recent bullish move in the market saw a whale purchasing around $187 million worth of assets over three days from Binance exchange. The majority of the purchase, $90.64 million, was made in Bitcoin (BTC). Other tokens included Binance Coin (BNB), Ethereum (ETH), Solana (SOL), Shiba Inu (SHIB), Polygon (MATIC), and IOST (IOST).
Bitcoin Price Outlook
The Bitcoin price is currently eyeing the $40,000 level, seen as a major psychological level for the cryptocurrency. If the bullish trend continues, there may be a potential correction after reaching $40,000 due to the presence of uncollected liquidity. However, indicators such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) suggest there is still room for further upward movement.
If buying pressure increases, the Bitcoin price could extend to the next level at $42,000. On the other hand, if selling pressure increases, the price could retest the support levels at $34,533 and $30,474. A break below the $30,000 range could lead to a further descent towards the 50% Fibonacci level at $27,623.
On-Chain Metrics Support Bullish Outlook
On-chain analysis by IntoTheBlock shows that Bitcoin has strong support levels below its current price, making further gains likely. The model indicates that there is no significant supply barrier preventing Bitcoin from reaching its upside potential at $40,000. Additionally, 85.6% of Bitcoin holders are currently sitting on unrealized profits, which reduces sell pressure on the market.
Furthermore, exchange inflows are diminishing, indicating that investors are not moving their holdings towards selling. This aligns with the overall bullish sentiment in the market, which is driven by factors such as the anticipated approval of spot Bitcoin exchange-traded funds (ETFs), historical trends of the fourth quarter being favorable for Bitcoin, and the upcoming Bitcoin halving.
Promising Alternative to Bitcoin: BTCETF
BTCETF is a native cryptocurrency for a project aimed at shaping the future of Bitcoin ETFs. Its price is currently at $0.0062, and it is recommended to take advantage of this low entry price before another price hike. The project has reached sales of $2.365 million in its presale, out of a target objective of $2.876 million.
For more information and to purchase BTCETF, visit the Bitcoin ETF Token website.
Hot Take: BTC Whale Influencing the Market
The recent increase in Bitcoin’s price can be attributed to a whale who has bought a significant amount of crypto assets, including Bitcoin, from Binance. This bullish move has sparked anticipation for further upward momentum, with the $40,000 level being the next target. On-chain metrics and diminishing exchange inflows support a bullish outlook for Bitcoin price. However, it’s important to monitor selling pressure, as a break below key support levels could invalidate the current bullish trend. In the meantime, BTCETF presents a promising alternative to Bitcoin, with its native token currently at a low entry price. Don’t miss out on the opportunity to get in on the action!
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