Based on on-chain data, a Bitcoin whale that accumulated due to Bitcoin's decline made a significant purchase and acquired 673 BTC.
According to Lookonchain, a Bitcoin whale withdrew 673 BTC worth $45.2 million from Binance in the last few hours. Withdrawals from exchanges could indicate a desire to buy, while deposits indicate an intent to sell.
The BTC whale in question has regularly bought Bitcoin during downturns, according to Lookonchain. On March 21, Lookonchain reported that whales had accumulated 4,451 BTC worth $294.6 million from Binance at an average price of $66,195. Bitcoin has been extremely volatile since hitting an all-time high of $73,797 last week.
This whale has again withdrawn $673 BTC ($45.2M) from #Binance in the last 2 hours.https://t.co/qFMaC1Wbxh pic.twitter.com/d549zsl6tD — Lookonchain (@lookonchain) March 21 2024
Bitcoin is down about 13% from its recent all-time high as demand for new spot Bitcoin exchange-traded funds cools, leading to its worst three-day outflows since the products launched on Jan. 11.
Bitcoin began rallying late Wednesday, fueled by policy decisions made at the U.S. Federal Reserve's latest meeting. The US Federal Reserve left interest rates unchanged and hinted at further rate cuts this year.
Bitcoin rallied above $68,000 on Thursday, but bulls were unable to extend the rally, sending BTC to lows of $64,525.
At the time of writing, BTC continued its decline, falling 3.48% to $64,796 in the last 24 hours after hitting an intraday low of $64,529.
Eyes are open for a recovery in BTC price
In the coming days, eyes are open for a recovery in BTC price after testing key support levels. Bitcoin could consolidate and then form the basis for a possible uptrend. In this scenario, key resistance levels will be closely watched, with a breakout likely to trigger further buying interest and push Bitcoin towards higher price targets.
In the event of a recovery, the first indicator of strength would be a move above $65,270. In this case, BTC could reach $69,000, the final hurdle before challenging its current all-time high of $73,797.
A rebound from current levels could face selling pressure at $65,270. Any further selling could see BTC fall to the 50-day SMA ($57,614), where bulls are expected to buy aggressively.
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