bullish

2024

Bitcoin

Coin

Recent days saw five high-profile Bitcoin ‘whale’ investors amass 2,780 BTC. This buying spree comes after a shaky weekend in which Bitcoin’s price has dropped. 
Since November 1, 2,780 BTC, roughly equal to $192.4 million, has been acquired by the five wallets. One wallet withdrew 880&nbsp;<a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/">BTC</a>&nbsp;($61.18 million) from Binance at $69,519, boosting the total to 1,381 BTC ($95.12 million). 
Similar wallets bc1qw0 and bc1qzs withdrew hundreds of BTC at prices around $67,764. While wallet 37SwvX took in 595 BTC at $69,587, and bc1qay withdrew 550 BTC at $70,328. 
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 As <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> drops below $70,000, whales are still accumulating <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>! 5 whales has accumulated 2,780 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($192.4M) since Nov 1. 1DL34f withdrew 880 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($61.18M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> at $69,519 and currently holds1,381 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($95.12M). bc1qw0 withdrew 615 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($41.7M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> at… <a href="https://t.co/SICXpxae9o">pic.twitter.com/SICXpxae9o</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1853334986000302393?ref_src=twsrc%5Etfw">November 4, 2024</a>
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<h2 class="wp-block-heading" id="h-bitcoin-price-recovery-and-market-sentiment">Bitcoin Price Recovery and Market Sentiment</h2> 
In the recent rise and fall of Bitcoin price movement, we can see a reduction of its recent drop. The latest data shows&nbsp;<a href="https://www.thecoinrepublic.com/2024/11/04/whales-shorting-bitcoin-aggressively-can-btc-hold-above-200ema/">Bitcoin</a>&nbsp;is now trading slightly higher at around $68,776. BTC price is up 0.61% over the past 24 hours after the weekend sell-off. 
While the weekend slumped, that small but steady increase shows renewed interest. This is possibly pushed by whale buying and better market sentiment. 
While boasting a current market cap of $1.36 trillion, it is the dominant cryptocurrency with its 42.11% increase in trading volume over the past day according to CoinMarketCap. This signals renewed activity and trader’s interest. 
This spike in volume is significant, with Bitcoin worth $35.01 billion traded in the past 24 hours. The same has provided a welcome shot of liquidity to the market. 
Once volume crosses this mark, it often means institutional and retail investors picking sides on whether the price rally will continue. Bitcoin’s price recovery has been aided by the rise of trading activity. This shows that investors are taking the plunge again albeit cautiously. 
<h2 class="wp-block-heading" id="h-technical-analysis-signs-of-a-potential-uptrend">Technical Analysis: Signs of a Potential Uptrend</h2> 
From a technical standpoint, it paints a hopeful picture of the Bitcoin price movement. On the 4-hour chart, however, the cryptocurrency had been trading within a descending channel. Further momentum on its short term was subdued, and the price could be due to exit the descending channel.&nbsp; 
<a href="https://www.thecoinrepublic.com/2024/11/03/is-microstrategy-planning-to-sell-its-bitcoin-btc-stash/">Bitcoin</a>&nbsp;resistance at the $68,776 level is currently being met with resilience as it looks to push itself above this channel to push back and break similar resistance levels at $69,000-70,000. 
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 <img loading="lazy" decoding="async" width="1024" height="504" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-93-1024x504.png" alt="4-hour BTC/USD Chart | Source: TradingView" class="wp-image-808720" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-93-1024x504.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-93-300x148.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-93-768x378.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-93-1536x756.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-93-150x74.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-93-696x342.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-93-1068x525.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-93.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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 4-hour BTC/USD Chart | Source: TradingView
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The Relative Strength Index, (RSI), is hovering close to the neutral 50 mark, showing that Bitcoin is not overbought or oversold. While the markets continue to trade within this neutral RSI, the whale accumulation may lead the scales toward a bullish move. 
The Average Directional Index (ADX) as of now stands at 20.80 which means a weak trend. Yet, if whale accumulation continues, then this trend strength could increase, increasing the likelihood of a bullish scenario. 
The localized resistance near $70,000 in recent price action also shows Bitcoin experiencing resistance, which if broken, could mean a more significant rally. If the breakdown patterns shown in the descending Bitcoin channel are broken, momentum confirmations like RSI and ADX can indicate robust purchasing leverage, thereby pointing to a relatively quick rise. 
The post <a href="https://www.thecoinrepublic.com/2024/11/04/whales-accumulating-bitcoin-as-price-recovers-whats-next/">Whales Accumulating Bitcoin as Price Recovers: What’s Next?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Whales Accumulating Bitcoin as Price Recovers: What’s Next?

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