A Bitcoin whale that has been hoarding cryptocurrency during its decline has made a noteworthy acquisition, obtaining 673 BTC, according to on-chain statistics.
A Bitcoin whale withdrew 673 BTC, or $45.2 million, from Binance in the last few hours, according to Lookonchain. Exchange withdrawals may suggest a wish to purchase, whilst depositions suggest a desire to sell.
Lookonchain claims that the aforementioned BTC whale regularly purchased Bitcoin when value was falling. Lookonchain said on March 21 that the whale had amassed 4,451 Bitcoin from Binance, valued at $294.6 million at an average price of $66,195. Since hitting an all-time high of $73,797 last week, the price of bitcoin has been incredibly erratic.
https://x.com/lookonchain/status/1770767162614980708?s=20
With the worst three-day outflow since the products’ launch on January 11, Bitcoin has dropped almost 13% from its most recent all-time high as demand for the relatively new spot Bitcoin exchange-traded funds declines.
Due in part to the policy decisions announced at the most recent U.S. Federal Reserve meeting, bitcoin started to rebound late on Wednesday. The US Federal Reserve held interest rates steady while teasing potential rate reductions later this year.
Although bulls were unable to sustain the rise, Bitcoin fell as low as $64,525 on Thursday before rising back above $68,000.
As of this writing, Bitcoin was continuing its downward trend, having dropped 3.48% over the previous day to $64,796 after reaching intraday lows of $64,529.
Eyes peeled for BTC price recovery
After testing important support levels, traders will be watching for a bounce in the price of bitcoin in the coming days. It’s possible that bitcoin will level off and then establish a foundation for future growth. Key resistance levels in this situation will be watched carefully, and a breakout is expected to spur more buying activity and drive Bitcoin’s price goals higher.
A rise over $65,270 would be the first sign of strength in the case of a resurgence. In the event that this happens, Bitcoin may hit $69,000, the last barrier before testing its current all-time high of $73,797.
If prices rise over their present level, selling pressure may build up to $65,270. Should there be more selling, Bitcoin can drop to the 50-day SMA ($57,614), where bulls should bet heavily.
