Bitcoin Whales Amass 30,000 BTC During Market Dip

In the latest market slump, major Bitcoin holders, known as whales, have capitalized on the situation to substantially increase their Bitcoin (BTC) reserves.

As reported on August 6, 2024, a leading analyst revealed on X that these whales accumulated over 30,000 BTC, worth around $1.62 billion, within a span of 48 hours.

In the past 48 hours, #Bitcoin whales acquired over 30,000 $BTC, valued at approximately $1.62 billion. This is evident from the surge in exchange outflows and the decrease in #BTC supply held on exchanges. pic.twitter.com/oV1aVu2tKc

— Ali (@ali_charts) August 6, 2024

This large-scale accumulation was detected through increased outflows from exchanges and a drop in the amount of BTC held on trading platforms.

Currently, Bitcoin is trading close to $56,000, having seen a 10% rise in the last 24 hours. Despite this price increase, trading volume has decreased by 30%, indicating lower activity from traders.

Even with the recent price jump, the Fear and Greed index shows a reading of 17, indicating a state of extreme fear among investors. The global market sentiment remains bearish, likely influenced by Japan’s recent interest rate adjustments.

The next major move for Bitcoin depends on whether it breaks out of this consolidation range. A break above $57,000, confirmed by a 4-hour candle close, could push the price towards $60,000. Conversely, a break below $54,000 might see Bitcoin drop back to around $50,000. There is also a high chance that Bitcoin could cross the $57,000 mark to close the BTC CME gap.