Bitcoin Sees 2.3% Price Increase for the Day as Whale Transfers 800 BTC From Binance

A Bitcoin whale transferred 800 BTC, equivalent to $45.37 million, from Binance 17 hours ago, as per on-chain data.

A Bitcoin whale withdrew 800 BTC, valued at $45.37 million at the time of the transaction, from Binance, as indicated by on-chain data.

This particular whale has been known to purchase Bitcoin at high prices and then sell at a loss. In fact, over the past three months, this individual has reportedly lost over $40 million due to虧損unfavorable trades.

The withdrawal was made during a period of relative optimism in the market regarding Bitcoin’s price. While the increase has been gradual and sustained, some express skepticism, especially considering the whale’s history.

This situation has sparked speculation on whether the withdrawal could be an indication of an impending price increase.

The whale withdrew 800 $BTC($45.37M) from #Binance again 17 hours ago!

But this whale has always bought $BTC at high prices and sold at lows in the past 3 months, losing more than $40M!

Address:

3G98jSULfhrES1J9HKfZdDjXx1sTNvHkhN pic.twitter.com/41V9HSlx6k

Bitcoin Price Sees 2.3% Increase for the Day

In the 24 hours that passed since this whale activity, Bitcoin has seen a positive price increase of 2.3%.

At the time of writing, the crypto king is trading at $58,291.26, having moved within a range of $55,573 to $58,334 over the same period.

Bitcoin’s market cap now stands at $1.15 trillion, further solidifying its position within the cryptocurrency market.

Additionally, the 24-hour trading volume has seen a significant rise, reaching $27.9 billion, up from the previous $8.2 billion.

Several factors could be contributing to this increase in price and trading volume, including positive news regarding Bitcoin adoption, institutional investments, and positive market sentiments, which may be influenced by whale activities such as the recent 800 BTC withdrawal.

While the whale’s previous trades may not have been particularly successful, this latest move has garnered attention due to its substantial size.

However, there is uncertainty among investors and analysts regarding whether this move could be an indication of rising prices or if the whale will ultimately follow a pattern that has been observed before, where they sell off their positions during a market downturn.

Bitcoin Technical Analysis: Bullish Signals Emerge

From a technical analysis perspective, Bitcoin appears to be entering a bullish trend. The price chart shows a clear ascending channel, which is typically an indication of an uptrend in the asset. At the time of writing, BTC is priced at $58,191 on Kraken.

This level is close to the upper bound of the narrowing price range that has been established over the past few days. The movement is being supported by increasing buying pressure, which is evident from the green candles in the chart, indicating that there are more buyers than sellers.

1-hour BTC/USD Chart | Source: TradingView

The volume oscillator is at -37.83%. A decreasing volume oscillator could indicate that the momentum is losing steam. On the other hand, it may show that the bears are losing steam, and the bulls can take over.

Here, the oscillators are declining as the price is pushing higher. This might indicate the beginning of a new bullish phase in the market. Moreover, this bullish price action aligns with the recent whale withdrawal.

Generally, the movements of large whales are considered a leading indicator of a price shift, whether upward or downward. If the whale has a long-term perspective on Bitcoin, then it could mean that they believe in further growth in BTC price.

On the other hand, if the whale decides to sell during the next price rally, it will put a lot of pressure on the market.

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