Crypto News

Bitcoin Exhibits Resilience Amidst Price Dip As Smart Whales Accumulate

Bitcoin encountered a minor setback, experiencing a $1,000 drop (-2.3%) on Monday. Notably, F2Pool deposited 1,000 BTC ($43.96 million) to Binance during this period, contributing to the slight decline, following a similar deposit two days prior.

However, the crypto landscape remains dynamic, with Spotonchain analysts observing strategic moves by smart Bitcoin whales. As BlackRock anticipates potential approval for its Spot Bitcoin ETFs on January 10, two smart whales have seized the opportunity to accumulate 1,755 BTC ($77.1 million) from Binance in the past two days.

One prominent smart whale, identified as bc1pj, strategically amassed 1,750 BTC ($76.9 million) at an average price of $43,953, boasting a realized profit of $26.4 million. Currently holding 4,750 BTC ($207 million), the whale’s trading activity has demonstrated a flawless win rate of 100% in 2023, yielding a cumulative profit of $61 million.

In a separate move, another savvy whale, 3MVqp, withdrew 5 BTC ($217,000) at $43,426, possibly conducting a test transaction. The whale’s history reflects a profitable track record in 2023, further contributing to the bullish sentiment.

Whales Bought 1.11 Million Bitcoin

Additionally, market analyst Ali disclosed that approximately 1.11 million BTC were acquired between the $42,560 and $43,245 price range. Notably, these holdings are yet to be sold, forming a robust support wall for Bitcoin.

The resilience displayed by Bitcoin, coupled with strategic accumulations by smart whales, positions the cryptocurrency for potential further advances.

However, the critical support range between $42,560 and $43,245 remains pivotal. A successful hold above this level could pave the way for sustained upward momentum, while a breach might lead to a downswing towards the next critical support area between $26,770 and $30,220.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Leave a Comment

Your email address will not be published. Required fields are marked *