Whale Сashes Out $1.58 Billion In BTC As Recovery Peaks
As Bitcoin continues to recover from its all-time high, one Bitcoin whale decides to cash out a mind-blowing sum.
A few hours ago, one anonymous Bitcoin whale decided to withdraw 23,785 BTC worth $1.58 billion into fiat. At the same time, the main cryptocurrency is trying to recover after reaching an all-time high this week. The reason investors decided to get rid of their Bitcoin holdings may be to realize profits from the price rise. After a sharp pullback from ATH, Bitcoin recovered 12% rather quickly and is now back near the all-time high.
Someone just moved 23,785 #Bitcoin worth $1.5 billion 👀 pic.twitter.com/CEDkkLQ8ov
— Vivek⚡️ (@Vivek4real_) March 7, 2024
However, analytics firm Santiment claims that the number of whale transactions of at least $100,000, has dropped 17.5% in the last 24 hours, from 24,313 to 20,048 unique transactions per day. This comes amid a Bitcoin rally.
The Bitcoin whale's recent actions may have had a negative impact on the price movement. At the time of writing, the asset is up 2% in the last 24 hours and was trading at $67,063.
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The Bitcoin price started its fall from a new all-time high of $69,218 to $59,150 before cutting its losses. The asset quickly rose above $65,000, but bears came into play, preventing the price from breaking above the $67,500 level. The high was formed at the $67,790 level.
Resistance is near the $67,000 level where a short-term bearish trend line is formed. The next key resistances could be $68,000 and $69,200. If there is a clear move higher, the price could move up to the $70,000 level, a price that investors are actively building into their pre-halving expectations.
On the negative side, if Bitcoin fails to rise above the $67,000 resistance zone, another correction down to $66,650, $65,000 and $62,500 could begin.
This is not a 100 percent statement. The cryptocurrency market is very volatile. Investors should exercise caution.
