Bitcoin (BTC), the leading cryptocurrency in terms of market capitalization, continues to dominate the crypto market with its impressive performance. Today, on November 23, 2024, a well-known crypto expert took to X (previously known as Twitter) to highlight the significant purchases made by Bitcoin whales over the past four trading days.
The expert pointed out that crypto whales have collectively acquired a substantial amount of 40,000 BTC, valued at $3.96 billion, from various cryptocurrency exchanges. This notable buying spree initiated as BTC broke out of a consolidation phase, signaling a bullish market sentiment and potential buying opportunities.
In light of these massive purchases by whales and institutions, including notable entities like MicroStrategy and Genius Group, it raises the question of whether it is wise to buy Bitcoin at its current level. Reports from CoinPedia indicate a trend of significant acquisitions by institutional players, further bolstering the bullish outlook for BTC.
From a technical analysis perspective, Bitcoin appears to be on a bullish trajectory towards the coveted $100,000 mark. Following a breakout from a recent consolidation period, BTC’s price has been steadily climbing and recently hit a new all-time high of $99,588.
While the momentum seems strong for Bitcoin, there is a possibility of a minor price correction to sustain its upward trend. Currently trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, BTC’s Relative Strength Index (RSI) suggests a potential price adjustment in the near future.
Despite the positive price action, on-chain metrics present a mixed sentiment among traders. Data from Coinglass shows a lack of significant new positions or liquidations in the past 24 hours, with a 1.45% decrease in Bitcoin’s open interest. However, the Long/Short ratio sits at 1.03, indicating a prevailing bullish sentiment in the market.
As of now, Bitcoin is hovering around $98,870, exhibiting a gain of over 1.45% in the last 24 hours. The trading volume has decreased by 35% during the same period, suggesting lower trader participation compared to the previous day.
In conclusion, Bitcoin’s recent surge fueled by whale purchases and institutional interest paints a bullish picture for the cryptocurrency. While technical indicators point towards further upward movement, traders should remain cautious of potential price corrections and monitor on-chain metrics for a clearer market direction.