Whale Activity & BTC Price: Will $26M Buy Push Past $107K?
Recent Bitcoin (BTC) market activity suggests a potential shift. A dormant whale's significant purchase and substantial outflows from exchanges are fueling bullish sentiment. However, whether this momentum will break the $107K resistance remains to be seen.
Key Indicators Point to Potential BTC Price Movement
- Whale Purchase: A two-year dormant whale recently acquired 250 BTC worth approximately $26.3 million, signaling renewed institutional confidence. This adds to a previously held 500 BTC, resulting in a $39 million unrealized profit.
- Exchange Outflows: Over the past week, 67,854.33 BTC have left centralized exchanges, with significant outflows from Bitfinex (25,368.42 BTC), Binance (10,291.95 BTC), and Coinbase (9,867.35 BTC). This suggests strong buying pressure and accumulation.
- Netflow Ratio: IntoTheBlock data shows the Netflow Ratio of Large Holders is in the negative zone (-0.05), indicating whales are not selling and are moving BTC off exchanges.
- Taker Buy/Sell Ratio: The Taker Buy/Sell Ratio has been positive for two consecutive days, further suggesting buying pressure and indicating market dominance by buyers. Over the past two days alone, buyers accumulated 8,680 BTC.
These combined indicators paint a picture of strong accumulation, hinting at a potential upward price trajectory for Bitcoin.
Bitcoin Price Prediction: Breakout or Correction?
While the recent activity is encouraging, the immediate future for Bitcoin's price remains uncertain. While sustained momentum could push BTC above the $107K resistance level and towards $109K, failure to maintain this momentum could lead to a correction. A drop below the $104K support level could see prices fall as low as $101,436.
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