No Need to Give Up Assets? Bitcoin Whales Buy in Massive While Old Owners Hold On
Despite the negative sentiment towards the Bitcoin (BTC) market, the largest cryptocurrency by market cap, it seems that these trends may not last long. On September 17, 2024, crypto analytics firm CryptoQuant shared a post on the X platform (formerly Twitter) indicating that new whales and Binance traders are actively taking advantage of the current market situation by buying the dip heavily.
Whales are buying Bitcoin dips.
The post on X also noted that old whales continue to hold onto their Bitcoins. These market sentiments and the current whale activity indicate a stable market and potential price growth in the coming days.
However, if we look at recent whale transactions, it seems that there is a strong interest from whales to buy Bitcoin. On September 16, 2024, First Digital Lab moved almost $80 million FDUSD to Binance, possibly to buy Bitcoin. If that happens, we could see a significant price spike.
Current price action
Bitcoin is currently trading near $57,800 and has seen a price drop of more than 3% in the last 24 hours. During the same period, trading volume has increased by 125%, according to Coinmarketcap data. This surge in trading volume indicates increased participation from investors and traders amid the price decline.
Bitcoin Technical Analysis and Key Levels
According to technical analysis, Bitcoin is at a crucial support level of $57,500 and is trading below the 200 exponential moving average (EMA) on the daily time frame. The 200 EMA indicates whether the asset is in an uptrend or a downtrend.
Based on historical price momentum, if Bitcoin closes a daily candle below $57,000, there is a high probability of another 5% decline to $54,000 in the coming days.
However, trader interest in Bitcoin declined by 2%, indicating that traders are either liquidating their positions or are reluctant to build new ones due to high volatility.
