Bitcoin Whales Snap Up Over 40,000 BTC as Asset Flirts with $100,000 ⋆ ZyCrypto
The post Bitcoin Whales Snap Up Over 40,000 BTC as Asset Flirts with $100,000 ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Bitcoin (BTC) traded quietly on Sunday, following a brief pause over the weekend after an explosive week that saw its price soar to a new all-time high of $99,655 on Friday. Notably, this surge has propelled Bitcoin’s market capitalization to an impressive $1.9 trillion, positioning it alongside tech giants like Google. As the leading cryptocurrency extends its rally, it draws growing interest from large investors. According to renowned crypto analyst Ali Martinez, whales have invested nearly $4 billion in Bitcoin over the past four days, betting that its price could soar well beyond $100,000. “Bitcoin whales have bought over 40,000 BTC in the last 96 hours, worth around $3.96 billion,” he tweeted Saturday. Martinez pointed out that 65,000 BTC, worth around $6.37 billion, had been withdrawn from exchanges in the same timeframe. This sharp withdrawal trend further underscores the growing confidence in Bitcoin’s future as investors opt to hold rather than trade. Advertisement   That said, several key factors are driving Bitcoin’s impressive rise, with analysts highlighting catalysts such as the recent Federal Reserve’s interest rate cuts, increasing institutional investments through Bitcoin exchange-traded funds (ETFs), and ongoing purchases by major players like MicroStrategy. However, despite Bitcoin’s strong ascent, concerns about a potential market correction are mounting. Analyst Ali Martinez cautioned that the TD Sequential indicator had issued a sell signal on the 12-hour Bitcoin chart, suggesting a possible price pullback to $91,583 or even $85,610. To invalidate this bearish signal, he, however, noted that Bitcoin must close above $100,535. Elsewhere, CryptoQuant, a leading on-chain analytics firm, also identified several critical indicators that suggest a local market peak could be formed. These include the MVRV ratio exceeding 3.7, which historically has marked market tops, and the Fear & Greed Index pushing beyond 80, a threshold that typically precedes…
Filed under: News - @ November 24, 2024 4:22 pm