The entire cryptocurrency market appears to be struggling, including major players such as Bitcoin (BTC), Ethereum (ETH), and others. As this downturn continues, whale trading tracker Lookonchain shared a post on .
Whale Purchases $183 Million Worth of Bitcoin
However, this notable withdrawal occurred when BTC fell to support levels near $97,300. It also follows MicroStrategy’s purchase of 21,550 BTC worth $2.1 billion at an average price of $98,783, as reported by CoinPedia.
These recent acquisitions suggest that these whales and institutions are taking advantage of the perfect downside opportunity.
$335 million BTC leaked from exchanges
In addition to the recent withdrawals of BTC 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 represents a potential buying opportunity and suggests upward momentum ahead.
Bitcoin technical analysis and future levels
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 made higher highs and higher lows with this pattern.
Historically, whenever BTC reaches this level, it tends to experience upward momentum. But this time around, investors and traders are speculating whether the same upward momentum will emerge, which could explain the increased interest from whales and institutions.
Recent price action suggests that BTC is likely to rise 6.5% to reach the $104,160 level in the next few days.
On the positive side, BTC’s Relative Strength Index (RSI) is currently sitting at 44, near oversold territory, suggesting that an uptrend is likely in the coming days. Additionally, BTC is trading above the 200 exponential moving average (EMA) on the daily time frame, indicating an upward trend.
Current price momentum
Currently, BTC is trading near $97,700 and has recorded a price decline of over 2.15% in the last 24 hours. During this period, trading volume surged by 85%, indicating increased participation from traders and investors during the bull market.