Recently, a large amount of 19197BTC worth 652 million US dollars flowed out of Coin An at once, triggering a curious reaction from Bitcoin investors. The timing of the transfer is interesting as Bitcoin is currently trading within the range and is expected to break through the resistance level of $35000
Recently, a large amount of 19197BTC worth 652 million US dollars flowed out of Coin An at once, triggering a curious reaction from Bitcoin investors. The timing of the transfer is interesting as Bitcoin is currently trading within the range and is expected to break through the resistance level of $35000.
The biggest issue is whether the whale behind the transfer plans to hold or sell, but recent price trends indicate that the former is the former.
Large amount of Bitcoin leaving Coin Security
The latest data shows that as trading activity in the entire cryptocurrency market increases, the Bitcoin trading volume on the cryptocurrency exchange has recently reached its highest point since March. Especially whale activity is increasing exponentially.
WhaleAlerts, a whale trading tracker, has discovered various large Bitcoin transactions entering and exiting cryptocurrency exchanges. Most of these transactions involve transferring Bitcoin to cold wallets or unknown wallets.
According to a post posted by @ WhaleChart on social media platform X, 19197BTC has recently been withdrawn from Binance, the largest cryptocurrency exchange. The large-scale changes in digital currencies have sparked speculation among analysts about their impact.
Some people believe that such transactions indicate that whales see the bullish prospects of Bitcoin and hope to use their private keys to hold their assets.
Now, although whale trackers have not provided transaction addresses for in-depth analysis, the transfer is likely to have entered a cold wallet. This is likely the case, as on chain data indicates that bulls continue to exert significant purchasing pressure, pushing up the price of Bitcoin.
What triggers the recovery of Bitcoin?
When a large amount of Bitcoin is transferred from the exchange, it indicates that investors are holding their Bitcoin for a long time. As of the writing of this article, the trading price of Bitcoin is $34611, and its price trend has formed a flag shape within the 4-hour chart time range.
Using the FIB indicator, after breaking through $35000, the next target is $38000. A more convincing breakthrough may bring the price of Bitcoin to $40000. On the other hand, a low point below $33500 will invalidate the sign, and we are likely to see a pullback from that point to $31000.
However, the sustained buying pressure indicates a bullish breakthrough rather than a bearish breakthrough. According to Santiment data shared by cryptocurrency analyst Ali Martinez, Bitcoin Whales has purchased over 30000 Bitcoins worth nearly $1 billion in the past five days.
In addition, historical data shows that the average price of Bitcoin increased by 43% in November. A similar increase next month will push the price of Bitcoin up to around $48000.
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