Recent reports have revealed that bitcoin (btc) is experiencing a significant increase in whale activity, which has since caused quite a stir throughout the crypto community.
bitcoin Experiences Rise in Whale Transactions
According to Whale Alert, bitcoin has shown an increase in whale transactions in the last 24 hours. The cryptocurrency tracker recently revealed several whale transfers from unknown wallets to cryptocurrency exchanges like binance and Coinbase.
The report shows that Binance amassed an inflow of over $67 million from the transfers. Meanwhile, Coinbase racked up a whale influx worth more than $310 million thanks to the transfers.
A recent transaction Whale Alert reported 781 btc, which came from four different cryptocurrency wallets. However, around 658 btc were seen transferred directly to Binance.
Also, early Wednesday morning, another unknown wallet sent 499 btc to Binance. This measure is worth almost $20.6 million at the time of the transaction.
hills recent Whale activity reported by the cryptocurrency tracker shows that around 500 btc were transferred to Binance. At the time of reporting, the transaction was valued at $20.5 million.
For Coinbase, the tracker revealed a whopping 7,515 bitcoin that were transferred by unknown wallets to the crypto exchange. The first transaction Mountain range around 2,510 btc, valued at $104.2 million sent from an unknown wallet 1xkfCoJyCZ…Ur7bZJWuXJ to Coinbase. He second In the whale transaction, 2,494 btc were transferred through a different wallet to the cryptographic platform.
Meanwhile, the latest whale transaction from anonymous wallet 15LhEQYPdK…88T9kLM55m transferred 2,511 btc to Coinbase. However, the cryptocurrency tracker reported that these btc have been moved from the exchange to various wallets.
So far there is no solid evidence that these whale transactions have had some effect on the price of bitcoin.
Support levels to watch, says analyst
Cryptocurrency analyst Ali Martinez recently shared Key levels to watch out for regarding the crypto asset. The analyst took to X (formerly Twitter) to share these crucial support levels for the crypto community and investors.
Ali stated that btc will find solid support between $37,150 and $38,360 in case of a deep correction. He further added that the zone is backed by 1.52 million addresses containing around 534,000 btc.
In addition, he highlighted two walls of resistance that could oppose the rise of the crypto asset. The first resistance wall is $43,850, while the second wall is $46,400.
Currently, btc stands at $41,380, indicating a 1% decline in the last 24 hours at the time of writing. Its market capitalization is currently valued at approximately $809 billion, indicating the same percentage decline, according to CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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