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<p><a href="https://cryptoticker.io/en/token/BTC"><strong>Bitcoin</strong></a><strong> whales, the big players in the crypto market, have made a bold move. Within just 24 hours, they bought $1.4 billion worth of Bitcoin, taking advantage of a recent market correction. This massive purchase comes as Bitcoin's supply on exchanges drops to its lowest level since December 2021.</strong></p>
<h2 id="what-happened-to-bitcoin">What Happened to Bitcoin?</h2>
<p>On June 11, <a href="https://cryptoticker.io/en/crypto-market-down-as-btc-price-slides-eth-price-consolidates-and-xrp-price-nears-new-lows">Bitcoin</a> whales scooped up 20,600 BTC, valued at about $1.38 billion. This is the largest single-day accumulation since February 28, according to data from CryptoQuant. Back in February, Bitcoin was nearing a new all-time high, and new Bitcoin ETFs had just been introduced.</p>
<p>Bitcoin’s price had fallen from $71,650 on June 7 to around $69,000 before dropping further. This decline triggered significant buying by whales, who saw an opportunity to strengthen their positions. Currently, Bitcoin is trading at approximately $66,900.</p>
<figure class="image">
 <img style="aspect-ratio:1713/676;" src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/BTCUSDT_2024_06_14_22_05_12_092c1f1e7a.png" alt="BTCUSDT_2024-06-14_22-05-12.png" width="1713" height="676">
 <figcaption>
  BTC/USDT 1D - <a href="https://www.tradingview.com/symbols/BTCUSD/?aff_id=127958">TRADINGVIEW</a>
 </figcaption>
</figure>
<h3 id="supply-and-demand-dynamics-of-bitcoin">Supply and Demand Dynamics of Bitcoin</h3>
<p>A key factor in this scenario is the <a href="https://cryptoticker.io/en/top3-crypto-losers-this-week-june-2024">Bitcoin supply</a> held on exchanges. Santiment reports that Bitcoin reserves on exchanges have fallen to 942,000 BTC, the lowest since December 22, 2021. This decrease usually indicates a bullish sentiment in the market. Investors move their Bitcoin off exchanges when they expect prices to rise, reducing the available supply and potentially driving prices up.</p>
<h3 id="impact-on-the-market">Impact on the Market</h3>
<p>This surge in whale activity suggests a strong belief in <a href="https://cryptoticker.io/en/token/BTC">Bitcoin's future value</a>. Even though Bitcoin has recently dropped in price, it’s still only 8.45% below its all-time high of $73,737 set on March 13, according to CoinGecko. This presents both a challenge and an opportunity for investors: the potential for further gains is there, but so is the risk.</p>
<h2 id="ethereum-whales-are-active-too">Ethereum Whales Are Active Too</h2>
<p>It's not just Bitcoin whales making moves. <a href="https://cryptoticker.io/en/token/ETH">Ethereum</a> whales have also been active, purchasing over 240,000 ETH worth nearly $840 million, according to industry analyst Ali Martinez, citing Santiment data.</p>
<p>Unlike Bitcoin, the supply of Ether on exchanges has increased. Santiment data shows 17.98 million ETH, worth $63.1 billion, is currently held on exchanges. This might indicate a different market sentiment or strategy among Ethereum holders.</p>
<h2 id="bitcoin-price-prediction">Bitcoin Price Prediction</h2>
<p>Predicting Bitcoin’s price involves analyzing market trends, technical indicators, and recent activities. Here’s a breakdown using some key metrics:</p>
<h3 id="moving-averages">Moving Averages</h3>
<ul>
 <li><strong>50-Day Moving Average (50-MA):</strong> $68,000</li>
 <li><strong>200-Day Moving Average (200-MA):</strong> $70,500</li>
</ul>
<p>The current <a href="https://cryptoticker.io/en/token/BTC">price</a> of $66,900 is below both the 50-day and 200-day moving averages, which typically suggests a bearish trend. However, the recent whale accumulation could provide upward momentum.</p>
<h3 id="relative-strength-index-rsi">Relative Strength Index (RSI)</h3>
<ul>
 <li><strong>Current RSI:</strong> 45</li>
</ul>
<p>An RSI below 30 is considered oversold, while above 70 is overbought. At 45, Bitcoin is in a neutral zone, suggesting there’s room for upward movement if buying pressure increases.</p>
<h3 id="fibonacci-retracement-levels">Fibonacci Retracement Levels</h3>
<p>Using the Fibonacci retracement tool from the recent high of $73,737 to the low of $66,000:</p>
<ul>
 <li><strong>23.6% Level:</strong> $67,982</li>
 <li><strong>38.2% Level:</strong> $69,682</li>
 <li><strong>50% Level:</strong> $70,868</li>
 <li><strong>61.8% Level:</strong> $72,053</li>
</ul>
<p>Bitcoin is hovering around the 23.6% retracement level. Breaking above this could see it move towards the 38.2% level at $69,682, which aligns with the 200-day moving average.</p>
<h2 id="should-you-buy-bitcoin-now">Should You Buy Bitcoin Now?</h2>
<p>Based on the technical analysis and recent whale activity, here’s a balanced view:</p>
<h3 id="bullish-signs">Bullish Signs</h3>
<ul>
 <li>Significant whale accumulation suggests confidence in future price increases.</li>
 <li>Reduced Bitcoin supply on exchanges could drive prices up.</li>
 <li>The RSI indicates potential for upward movement.</li>
</ul>
<h3 id="bearish-signs">Bearish Signs</h3>
<ul>
 <li>Current price is below key moving averages, indicating a potential downward trend.</li>
 <li>Market volatility remains high, which could lead to further price drops.</li>
</ul>
<h2 id="conclusion">Conclusion</h2>
<p>Whether it’s a good time to buy Bitcoin depends on your investment strategy and risk tolerance. The recent whale activity and decreased exchange supply are bullish signs, suggesting potential for a price rebound. However, the technical indicators suggest caution due to the current price being below key moving averages. If you believe in Bitcoin’s long-term potential and can handle its volatility, this might be a good opportunity to buy.</p>

Bitcoin Whales Buy $1.4B Worth of BTC: Is Now the Time to Invest?

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