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<p>The post <a href="https://coinpedia.org/news/can-bitcoin-hold-58000-heres-what-traders-should-know/" rel="noopener noreferrer nofollow">Can Bitcoin Hold $58,000? Here’s What Traders Should Know</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>After a massive price decline in Bitcoin (BTC), now it has reclaimed its $58,000 level. This massive recovery in the BTC price potentially occurred due to the higher interest from whales and institutions. On August 16, 2024, <a href="https://coinpedia.org/price-analysis/btc-price-eyes-2x-gains-as-central-banks-pump-497-billion/" rel="noopener noreferrer nofollow">Bitcoin Whale</a> withdrew a significant 533 BTC worth $31 million from Binance at an average price of $58,188, according to the on-chain analytic firm Spotonchain.&nbsp;</p>
<h2 class="wp-block-heading" id="h-whales-and-institutions-bitcoin-purchase"><strong>Whales’ and Institutions’ Bitcoin Purchase</strong></h2>
<p>Apart from this recent BTC purchase, between August 12, and August 14, 2024, <a href="https://x.com/lookonchain/status/1824255719081910325" target="_blank" rel="noopener noreferrer nofollow">Marathon Digital</a>, the largest Bitcoin mining firm bought 4,144 BTC worth $249 million with an average rate of $59,500. This massive BTC accumulation at this range suggests a perfect buying level for crypto enthusiasts.</p>
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   <p lang="en" dir="ltr">A fresh whale withdrew 533.5 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> ($31M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> at an average price of $58,188 in the past 5 hours!<br><br>Note that fresh whales seem to be actively accumulating <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> this week, with 6 whales withdrawing 4,046 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> and <a href="https://twitter.com/search?q=%24WBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$WBTC</a> ($239.5M) from CEXs.<br><br>Don’t want to miss the new… <a href="https://t.co/4h3qnHy7Br" rel="noopener noreferrer nofollow">pic.twitter.com/4h3qnHy7Br</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1824370202546679989?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 16, 2024</a>
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<p>However, traders in this volatile market are confused as the price of BTC and other digital assets significantly fluctuates.&nbsp;</p>
<p>Recently, a crypto expert made a post on X (previously Twitter) that the price drop on Thursday evening was just a mild correction. Additionally, this recent level is a crucial support level for BTC. However, if BTC fails to hold this level there is a high possibility that it could fall to $54,000 or even $48,000 in the coming days.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is having a casual price correction on a Thursday evening.<br><br>Holding a crucial level of support, losing $56K and we will likely see new lows or a retest at $48K. <a href="https://t.co/UZqGUMp343" rel="noopener noreferrer nofollow">pic.twitter.com/UZqGUMp343</a></p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1824355978826969371?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 16, 2024</a>
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<h3 class="wp-block-heading" id="h-bitcoin-price-analysis"><strong>Bitcoin Price Analysis</strong></h3>
<p>Currently, BTC is trading near the $58,150 level and has experienced a price drop of over 2.5% in the last 24 hours. Meanwhile, its trading volume increased by over 10% during the same period, indicating higher participation from traders and investors in this volatile market.&nbsp;</p>
<h2 class="wp-block-heading" id="h-bitcoin-price-prediction-for-august-2024"><strong>Bitcoin Price Prediction for August 2024</strong></h2>
<p>Besides all these accumulations by whales and institutions, expert hints Bitcoin is bearish, as it is trading below the 200 Exponential Moving Average (EMA) on a higher time frame.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/16194843/BTCUSDT_2024-08-16_19-48-21.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/16194843/BTCUSDT_2024-08-16_19-48-21-1024x448.png" alt="" class="wp-image-339384" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/16194843/BTCUSDT_2024-08-16_19-48-21-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/16194843/BTCUSDT_2024-08-16_19-48-21-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/16194843/BTCUSDT_2024-08-16_19-48-21-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/16194843/BTCUSDT_2024-08-16_19-48-21-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/16194843/BTCUSDT_2024-08-16_19-48-21-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/16194843/BTCUSDT_2024-08-16_19-48-21.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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  Source: Trading View
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<p>If BTC on a daily time frame, closes a daily candle below the $57,500 level,&nbsp; there is a high possibility it could fall to $56,000 and $54,000 levels in the coming days.</p>

Can Bitcoin Hold $58,000? Here’s What Traders Should Know

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