The rise in Bitcoin 
$105,070 whale activities indicates significant movement in the cryptocurrency market. In the last 24 hours, six new whale wallets withdrew a total of 1,110 BTC from Binance. This development increases the potential for the BTC price to rise to the $100,000 level in the short term.
Whales Collecting BTC Draws Attention
According to blockchain analysis platform Lookonchain, large investors began accumulating Bitcoin when its price dropped to $97,000. In the past eight hours, the total value of BTC transferred to six new wallets reached $107.7 million. These transfers showcase whales’ belief in Bitcoin’s long-term value.
Moreover, data from IntoTheBlock indicates that 60,000 addresses purchased 22,740 BTC above the current price levels. Additionally, the market has established a solid foundation for a strong upward movement, with 458,000 addresses accumulating 344,000 BTC. Experts suggest that this intense accumulation reflects long-term confidence.
Technical Indicators Provide Strong Bullish Signals
Technical indicators also support upward movement in Bitcoin’s price. Analyst Ali Martinez noted that the SuperTrend indicator has turned positive and a significant resistance line has been broken. He stated, “Today presents suitable conditions for a major movement.”
Bitcoin quickly recovered from its intraday low of $95,788. Currently, BTC is trading at $98,650, reflecting a 0.60% increase. Furthermore, the rise in trading volumes on centralized exchanges indicates a strengthening bullish effect on the market.
MicroStrategy is expected to make new Bitcoin purchases with the convertible bonds it collected last week. This move could bring Bitcoin’s total market capitalization close to $2 trillion. Meanwhile, the rally in GameFi and Metaverse tokens continues to attract investor interest.
The intensity of Bitcoin whale activities is supported by both technical indicators and fundamental data. This provides crucial signals regarding BTC’s future price movements. These developments, closely monitored by market participants, indicate a long-term growth trend for Bitcoin.
