Do you feel the thunder in the cryptocurrency world? After a full two years of silence, one of the largest Bitcoin whales made a loud move this week! Imagine, he bought 250 Bitcoin in one go, worth nearly $26.37 million! This is the first time this wallet has recorded activity since 2022, sparking heated discussions among traders and analysts!
According to Lookonchain, this same whale withdrew 500 Bitcoin from Gemini in 2022 when the price of Bitcoin was around $27,400. Now, as the price of Bitcoin approaches $105,000 (the prices mentioned were in the original article, but for clarification, this number is currently $69,200), his holdings are realizing unrealized gains exceeding $39 million! This massive profit margin is stealing the spotlight and prompting major investors to closely monitor the situation: Is this the start of a massive bullish trend or just a single maneuver?
On the charts, Bitcoin is forming an "inverted cup and handle" pattern, with a critical neckline at $100,800 (a key support level). If the price drops below this level, Bitcoin could fall to $91,000, which aligns with its two hundred-day exponential moving average (EMA). The relative strength index (RSI) for Bitcoin is 52, indicating a waning upward momentum. A drop below 50 could increase selling pressure! Bulls need to reclaim the 20-day exponential moving average resistance level, just above $105,000, to turn the tables!
Last week saw wild price movements, partly driven by battles on social media! Bitcoin suddenly dropped below $101,000, causing nearly $1 billion to be liquidated in the futures markets, before astonishingly recovering to exceed $105,000 within a few hours! Even the Hash Ribbons indicator showed a "miner capitulation" signal, indicating some pain for miners, but it may pave the way for future highs after surpassing this phase.
Will these giant whales lead us to new heights? Or are we heading for a correction wave? The market is holding its breath!
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