Ethereum

Bitcoin

Spot

<ul> 
 <li>Bitcoin faces bearish pressure, hitting a 12-day low.</li> 
 <li>Whale activity involves large BTC transfers to Binance amid declining prices.</li> 
</ul> 
Bitcoin has been under heavy bearish pressure over the past three days, hitting a 12-day low of $57,860 yesterday. Currently trading at $59,978 with a 0.19% decline, Bitcoin’s trading volume is down by 24%. Over the past month, the cryptocurrency has seen a 14% decline. Amid this downturn, significant whale activity has been observed. 
Today, a whale transferred 1,700 BTC, valued at $99.9 million, to Binance just 20 minutes ago. Following today’s price drop, the same whale moved an additional 3,500 BTC ($206 million) to Binance at an average price of $58,891. The whale currently holds 4,368 BTC, worth approximately $256 million. 
Moreover, on July 4, this whale or institution deposited 1,800 <a href="https://thenewscrypto.com/what-has-caused-bitcoin-to-drop-below-60k-recently/" target="_blank" rel="noreferrer noopener">BTC</a> ($106 million) to Binance. In that week alone, the whale deposited a total of 5,281 BTC ($323 million) to the exchange at an average price of $61,196, holding 6,068 BTC ($358 million) at the time. The BTC price dropped from $63,800 to $63,000 following these deposits, resulting in a 3.2% correction within 24 hours. 
<h3 class="wp-block-heading" id="h-what-is-the-bitcoin-whale-strategy">What is the Bitcoin Whale Strategy?</h3> 
On July 2, another deposit of 1,800 BTC ($114 million) was made by the whale, right before Bitcoin’s price fell from $63,800 to $63,000. Notably, this whale withdrew 6,725 BTC ($437 million) from <a href="https://thenewscrypto.com/binance-coin-fails-to-flip-crucial-resistance-into-support-bnb-eyes-500/" target="_blank" rel="noreferrer noopener">Binance</a> and <a href="https://x.com/okx" target="_blank" rel="noreferrer noopener">OKX</a> between June 19 and 21 at around $65,000. 
As the BTC price continued to decline at that time, the whale appeared to have shifted to a bearish stance, transferring 3,481 BTC ($217 million) to Binance over five days at approximately $62,300. 
Looking ahead, Bitcoin could face further pressure, with the next support level around $58,300. However, if it gains upward momentum, <a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3ABTCUSDT" target="_blank" rel="noreferrer noopener">resistance</a> could be tested at approximately $60,580. 
Highlighted News Of The Day 
<a href="https://thenewscrypto.com/us-spot-ethereum-etfs-ends-the-prolonged-outflows/">US Spot Ethereum ETFs Ends the Prolonged Outflows</a>

Is Whale Activity Driving Bitcoin Bearish Trend?

Table of Contents

TheNewsCrypto

Other articles published on Aug 29, 2024

Trump's 4th NFT collection sees $2.2M in sales

Argentina’s Buenos Aires to Launch Ethereum Curriculum for High School Students

Internet Computer (ICP) Price Eyes To Hit $11 Amid Bullish Reversal?

Polkadot Significantly Boosts Blockchain Education Via Virtual Academy PBA-X

Publicly Listed Companies Boost Bitcoin Holdings to $13B in a Year

Differences Between XRP Ledger, XRP, and Ripple

Join our free newsletter for daily crypto updates!