The cryptocurrency market is currently facing a downturn, with major players like Bitcoin (BTC) and Ethereum (ETH) struggling to maintain their value. Despite this challenging environment, a recent whale transaction has caught the attention of many investors.
Lookonchain, a whale transaction tracker, recently reported that a newly created wallet had withdrawn a significant amount of Bitcoin from Binance. The withdrawal totaled 1,850 BTC, amounting to $183.37 million. This move comes at a time when BTC is hovering around a support level near $97,300, indicating a strategic buying opportunity.
Interestingly, this withdrawal follows MicroStrategy’s acquisition of 21,550 BTC worth $2.1 billion at an average price of $98,783. These recent acquisitions by whales and institutions suggest that they are taking advantage of the current market conditions to accumulate more Bitcoin.
In addition to these large withdrawals, on-chain analytics firm Coinglass revealed that exchanges have experienced a significant outflow of $335 million worth of Bitcoin in the past 24 hours. This outflow signals a potential buying opportunity and hints at possible upside momentum in the near future.
From a technical analysis perspective, Bitcoin has been trading in a pattern of higher highs and higher lows since November 11, 2024. Currently, BTC has reached a higher low in this pattern, indicating a potential for upward momentum. Historically, when Bitcoin reaches this level, it tends to experience positive price movement.
Based on recent price action, there is a strong possibility that BTC could rise by 6.5% to reach the $104,160 level in the coming days. The Relative Strength Index (RSI) for BTC currently stands at 44, near the oversold region, suggesting a potential upside rally. Additionally, BTC is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend.
As of now, Bitcoin is trading near $97,700, with a price decline of over 2.15% in the past 24 hours. Despite this decline, trading volume has increased by 85%, indicating heightened participation from traders and investors. This increased activity suggests that there is growing interest in Bitcoin, especially with the potential for a price rally in the near future.