Bitcoin whale purchases 1,000 BTC on Binance

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As Bitcoin’s price dipped below $58,000, a Bitcoin whale went to a shopping spree, capitalizing on a period of others’ fear.

Binance sell-off

In the past days, Bitcoin’s price attempted to climb back to $60,000 after experiencing a drop, touching a two-week low of $57,900 on Bitstamp.

The decline was largely attributed to intense selling pressure on Binance. Market watchers shared that the sell-off was particularly severe during U.S. trading hours and appeared to be linked to a controversy involving funds tied to users in Palestine.

bitcoin
Source: MartyParty

Binance was accused to stealing these assets, and the ’not your keys, not your coins’ saying suddenly looked like a warning, instead of a simple phrase.

This event led to a fast withdrawal of 45,000 BTC from Binance’s reserves.

Source: CoinGlass

The well-known trader, Michaël van de Poppe predicted that Bitcoin’s price might fall further to around $56,000, especially after it failed to hold above the $61,000 level on shorter timeframes.

He told that losing this price point was important for future market movements.

Discounted coins

As always, some large investors saw the dip as a good buying opportunity.

The analytics platform Lookonchain reported that a single Bitcoin whale bought nearly $60 million worth of BTC, seizing the chance to accumulate a nice stack at lower prices.

Santiment shared the same story, and told that large holders, often referred to as whales and sharks, were also steadily increasing their Bitcoin positions.

Over the past month, wallets holding between 10 and 10,000 BTC added an additional 133,300 coins, while smaller traders were more likely to sell off their holdings in response to market fluctuations.

Future price

Trader and analyst Rekt Capital observed that Bitcoin was continuing to consolidate within a narrowing wedge pattern on the weekly charts.

bitcoin
BTC/USD 1-week chart. Source: Rekt Capital

In this way, Bitcoin formed a higher low, maintaining itself just above the weekly support level of around $55,737.

So as of now, Bitcoin established a base at a slightly higher level of around $58,000, which Rekt Capital identified as a confluent support.

This level was being tested again as the market continued to show signs of a potential breakout.

Have you read it yet? A new survey revealed that Bitcoin millionaires doubled in a year

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