Recent movements in the cryptocurrency market have been largely influenced by the Bitcoin whales‘ activity. These wealthy investors have withdrawn 110,000 BTC
Recent movements in the cryptocurrency market have been largely influenced by the Bitcoin whales’ activity. These wealthy investors have withdrawn 110,000 BTC in the last 30 days, signaling aggressive accumulation and a potential bullish momentum ahead. This dynamic is accompanied by significant participation from traders, who have heavily positioned large amounts at key levels, with $496 million in long positions, close to $102,800, and $319 million in short positions at $104,800.
110,000 #Bitcoin $BTC have been withdrawn from exchanges over the past month! pic.twitter.com/KuCaRMe4Nk — Bitcoin Archives today (@snapshotter) August 24, 2023
While the whales continue to accumulate Bitcoin, individual investors have remained inactive, or even sold off their holdings amid panic. According to on-chain analysts this behavior is typical of individual investors, who usually return near market tops rather than during recovery or correction phases.
From a technical perspective, Bitcoin shows a bullish sentiment and appears to be heading towards a new high, with a key resistance level at $106,800. However, the Relative Strength Index (RSI) of BTC is at 74, indicating an overbought zone that could potentially lead to a short-term price correction.
The persistent accumulation of Bitcoin by whales and trader behavior indicate strong confidence in short-term price increases. However, it is crucial to closely monitor market developments and potential price corrections.
Stay closely tuned to Bitcoin’s movement to capture potential opportunities in this ever-evolving sector. Stay informed and invest wisely in the cryptocurrency market. Here is a guide to buying Bitcoin on Bitget:
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