Bitcoin (BTC), the world’s largest cryptocurrency by market cap, is making waves in the crypto market with its impressive performance. Amid this bullish sentiment, a prominent crypto expert posted on X (formerly Twitter) today, November 23, 2024, highlighting that Bitcoin whales have made significant purchases over the past four trading days.
In a post on X, the expert noted that crypto whales have purchased a significant 40,000 BTC, worth $3.96 billion, from cryptocurrency exchanges. Upon examining this notable purchase, it appears that Whales started acquiring as BTC broke out of a consolidation zone.
This notable acquisition hints at bullish market sentiment and potential buying opportunities.
For anyone wondering if it is worth buying BTC at this level, the answer lies in the fact that whales and institutions have made significant purchases in recent days. These include acquisitions by MicroStrategy, Genius Group, and others, as reported by CoinPedia.
According to expert technical analysis, BTC appears bullish and is on its way to reaching $100,000. Recently, it broke out of a small consolidation phase and since then, its price has climbed steadily and reached a new all-time high of $99,588.
However, to sustain this upward momentum, there is a strong possibility that BTC could experience a minor price correction.
Additionally, the asset is currently trading above the 200 Exponential Moving Average (EMA) on the daily time frame, signaling an uptrend. Meanwhile, BTC’s Relative Strength Index (RSI) indicates a potential price correction in the coming days.
As of now, traders appear confused as there has been no significant formation of new positions or liquidations recorded in the past 24 hours. Data from the on-chain analytics firm Coinglass reveals that Bitcoin’s open interest has dropped by 1.45% during this period.
Meanwhile, its Long/Short ratio currently stands at 1.03, indicating strong bullish sentiment among traders.
Currently, BTC is trading near $98,870 and has registered a gain of over 1.45% in the past 24 hours. During the same period, its trading volume dropped by 35%, indicating lower participation from traders compared to the previous day.
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