The post Bitcoin Whales Amass $1.5B in Bitcoin price, What’s Next for the Top Coin? appeared on BitcoinEthereumNews.com.

Bitcoin whales accumulated $1.5 billion worth of BTC, pushing reserves above 3.875M Bitcoin price. Meanwhile, BTC exchange flows to Binance hit historic lows, reflecting increased market stability. Altcoin-BTC correlations also diverge, signaling key trend shifts. Bitcoin is currently trading at $96,394, reflecting a 1.1% rise over the past 24 hours. Key support levels to monitor are near $92,000, with resistance looming at the psychological $100,000 mark. The cryptocurrency market has shown slight gains following the recent drop, with Bitcoin’s dominance steady at  57% of the market – Advertisement – Bitcoin Whale Holdings Surge Above 3.875M BTC Amid Accumulation Data from CryptoQuant shows that Bitcoin whales have accumulated nearly 16,000 BTC on Tuesday, equating to approximately $1.5 billion in on-chain value. This accumulation pushed whale reserves above 3.875 million BTC, marking a steady upward trend in large-scale Bitcoin holdings throughout November. The continued increase signals strong confidence among whales in Bitcoin’s long-term value. There is a clear correlation between whale accumulation and Bitcoin’s price movement. As whales added to their reserves, Bitcoin’s price gradually climbed closer to the $97,000 level. – Advertisement – This strategic accumulation suggests whales are capitalizing on market conditions to build their positions, potentially preparing for further price increases. BTC weekly change for 1K- 10K | Source: CryptoQuant This surge in whale activity underscores their influence on Bitcoin’s supply dynamics. Their growing reserves tighten circulating supply, potentially driving bullish momentum. The steady accumulation reflects optimism about Bitcoin’s future performance, with whales taking advantage of current price levels to secure significant holdings. Negative Correlation Signals Bitcoin price Short-term Trend Shifts The analysis employs data from a Correlation Heatmap prepared by Alphractal, which displays the results of Bitcoin and other altcoins’ performance across different timeframes. The heatmap, using pricing data on a 1-hour and 5-minute timeframe, shows the lowest…

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Filed under: News - @ December 1, 2024 12:00 am