The overall cryptocurrency market appears to be struggling, including major players like Bitcoin (BTC), Ethereum (ETH), and others. Amid this ongoing downturn, whale transaction tracker Lookonchain shared a post on X (formerly Twitter), reporting that a newly created wallet had withdrawn a significant 1,850 BTC worth $183.37 million from Binance, the world’s largest cryptocurrency exchange.
However, this notable withdrawal comes at a time when BTC has dropped to a support level near $97,300. Additionally, it follows MicroStrategy’s acquisition of 21,550 BTC worth $2.1 billion, purchased at an average price of $98,783, as reported by CoinPedia.
These recent acquisitions suggest that this whale and the institution are capitalizing on a perfect buy-the-dip opportunity.
In addition to the recent BTC withdrawals by whales and institutions, on-chain analytics firm Coinglass revealed that exchanges have experienced a significant outflow of $335 million worth of Bitcoin in the past 24 hours. This indicates a potential buying opportunity and suggests possible upside momentum in the coming days.
According to expert technical analysis, BTC has been trading in a pattern of higher highs and higher lows since November 11, 2024. Currently, BTC has reached a higher low in this pattern.
Historically, whenever BTC reaches this level, it tends to experience upside momentum. However, this time, investors and traders are speculating about whether the same upside momentum will occur, which might explain the rising interest from whales and institutions.
Based on recent price action, there is a strong possibility that BTC could soar by 6.5% to reach the $104,160 level in the coming days.
On the positive side, BTC’s Relative Strength Index (RSI) currently stands at 44, near the oversold region, suggesting a potential upside rally in the coming days. Additionally, BTC is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend.
Currently, BTC is trading near $97,700 and has registered a price decline of over 2.15% in the past 24 hours. During this period, its trading volume surged by 85%, indicating heightened participation from traders and investors amid bullish price activity.
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