A massive amount of 19,197 btc worth $652 million recently left Binance in one go, prompting a curious reaction from bitcoin investors. The timing of the transfer is interesting as bitcoin is currently trading in a range and looking to break the $35,000 resistance level.
The big question is whether the whale behind the transfer plans to keep it or sell it, but bitcoin-price-experts-eye-87000-in-2025/” rel=”nofollow”>recent price action Aim for the first.
Huge amount of btc leaves Binance
Recent data has shown bitcoin trading volume on crypto exchanges recently hit its highest point since March, as bitcoin-pumps-crypto-rewards-platforms-are-flourishing/” rel=”nofollow”>commercial activity increased in the crypto market in general. Whale activity, in particular, has grown exponentially.
Whale transaction tracker Whale Alerts has discovered several large bitcoin transactions moving in and out of cryptocurrency exchanges. Most of these transactions have been an exodus of btc to cold or unknown wallets.
1,517 btc?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#btc ($52,009,789) transferred from #Bybit to unknown wallethttps://t.co/4klCQQj5O8
– Whale Alert (@whale_alert) October 30, 2023
1,105 btc?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#btc ($38,199,041) transferred from #BinanceUS to unknown wallethttps://t.co/NKzMkqT3Ce
– Whale Alert (@whale_alert) October 30, 2023
According to a post on the X social media platform by @WhaleChart, there was recently a significant withdrawal of 19,197 btc from Binance, the largest cryptocurrency exchange. This massive digital currency movement has led analysts to speculate about the implications.
ONLY IN:
19,197 bitcoin ($652 million) have been withdrawn from Binance
– Whale (@WhaleChart) October 29, 2023
Some believe that transactions like these indicate that whales see bullish things ahead for bitcoin and want to hold onto their assets using their own private keys.
Now, although the whale tracker did not provide the transaction address for in-depth analysis, the transfer was probably made to a cold wallet. This is most likely the case as on-chain data points to continued intense buying pressure from bulls to push up the price of bitcoin.
Trigger for bitcoin recovery?
When large amounts of btc are withdrawn from exchanges, it shows that investors are holding their coins for the long term. At the time of writing, bitcoin is trading at $34,611 and its price action is forming a flag on a 4-hour chart.
Using the Fib indicator, a break above $35,000 places the next target at $38,000. A more convincing breakout could take bitcoin price to $40,000. On the other hand, creating a low below $33,500 would invalidate the flag, and we would most likely see a pullback from that point to $31,000.
Trying to get a tight high flag here, breakout target is yearly pivot at 38k
Inside the flag we have evidence that A&E and iH&S, also known as the market, refuse to collapse.
any new LL= indicator becomes invalid and we will likely see a pullback to 31k pic.twitter.com/QLUXBFSDFj
—Josh Olszewicz (@CarpeNoctom) October 29, 2023
However, buying pressure continues points to a bullish breakout instead of a bearish breakout. According to Santiment data shared with
bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin the whales have bought more than 30,000 $btc in the last five days, worth almost a billion dollars! pic.twitter.com/oclJBY5j6a
—Ali (@ali_charts) October 28, 2023
Also, Historical data points to an average price jump. of 43% in November for bitcoin. A similar jump in the next month would see bitcoin rise to around $48,000.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/6pOGn91D/" alt="Tradingview.com bitcoin Price Chart” width=”2650″ height=”1758″ loading=”lazy”/>
btc price at $34,556 | Source: BTCUSD on Tradingview.com
Featured image from iStock, chart from Tradingview.com
