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Just three hours ago, an important event happened Bitcoin Whale made another headline by depositing 778 bitcoins, or roughly $72 million, into Kraken. Considering that the whale has deposited 3,038 Bitcoins worth about $286 million on the exchange since December 20, which coincided with the recent market decline, this activity follows a regular pattern. Even with these large withdrawals, the whale still has a large stock of 24,665 bitcoin, Which is worth about $2.27 billion.
Since whale activity has the potential to influence market sentiment and price direction, it should not be ignored. Consistent deposits into Kraken indicate a potential liquidation strategy, perhaps in anticipation of market volatility or other unspecified factors. This type of large sell-off often causes prices to fall, which increases... Bitcoin The situation is really difficult.
The current price of Bitcoin is $92,367, which indicates a slight daily decline of 1.1%. Low volatility is indicated by price consolidation over the last day, which ranged between $91,375 and $94,838. Since December 20, there has been noticeable downward pressure on the monthly chart, making it difficult for Bitcoin to stay afloat. Technically, Bitcoin price has fallen below the 50 EMA, a bearish indicator that indicates further short-term difficulties.
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Around $76,160, at the 200 EMA, is the next important support. If this level fails, there may be more selling pressure bitcoin, Which would be exacerbated by whale activities like the ones we saw. In the long term, Bitcoin remains a strong asset, although current activity points to short-term pessimism.
Bitcoin may get the momentum it needs to regain its position above important support levels from the usual post-New Year recovery for the overall market. However, whether this big sell-off continues or slows down in the coming weeks will determine a lot. As of now, traders and investors should keep a close eye on $85,456 as a crucial support level and $96,471 as an immediate resistance level. As we enter 2025, Bitcoin's path will likely be determined by continued movement above or below these levels.
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