Bitcoin Whale Buys 1k BTC as Binance Eyes Sub-$58k Bitcoin

[Webster]

Coin Telegraph: Bitcoin whale buys 1K BTC as ‘insane’ Binance selling sees sub-$58K low

Bitcoin whales jump at the chance to buy cheap BTC, with spot sellers showing knee-jerk reactions in a choppy trading environment.

Bitcoin retargeted $60,000 on Aug. 29 after as markets emerged from a fresh bout of impulse selling.

Binance sheds 45,000 BTC
Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin’s price action matched a two-week low of $57,900 on Bitstamp before rebounding. BTC/USD came under pressure the day prior, with market participants attributing weakness to spot selling on largest global exchange Binance.

The exchange became involved in a controversy involving funds by users in Palestine, with United States trading hours, in particular, seeing a pronounced spike in the sell-off. Data from monitoring resource CoinGlass recorded a snap 45,000 BTC decrease in Binance’s BTC balance.

Michaël van de Poppe, founder and CEO of trading firm MNTrading, thus predicted a retreat to as low as $56,000, arguing that the loss of the $61,000 mark on lower timeframes was “crucial.” More encouraging signs came from large-volume investors, with analytics platform Lookonchain highlighting a whale buy worth nearly $60 million.

At around $59,000, research Santiment noted previously, buying the dip was already “just fine” for the whale and shark hodler cohorts. “Over the past month, wallets with 10-10K BTC have collectively accumulated 133.3K more coins while smaller traders continue to impatiently drop their holdings to them,” it revealed in part of a post on X.

Bitcoin retests long-term “confluent support”
For popular trader and analyst Rekt Capital, BTC/USD continued a weekly consolidation pattern within a narrowing wedge, looking ripe for a breakout. “Bitcoin has indeed developed a Higher Low and maintained itself above the Weekly level,” he explained alongside a chart on the day. - More, Bitcoin has since formed a base at an even higher Weekly level (~$58,000) which is acting as confluent support this week. This confluent support is being retested as we speak.

 

[SilverLance]

While short-term volatility can lead to significant price swings, the behavior of Bitcoin whales tends to suggest a belief in the coin's value, and their buying activity could stabilize the market and pave the way for future price increases, particularly if Bitcoin successfully holds above critical support levels.

 

[Stardom22]

I can say that the actions of the bitcoin whales like the one above, it has a great significant effect on the price movements for the bitcoin with immediate effect for that matter.

 

[Webster]

I can say that the actions of the bitcoin whales like the one above, it has a great significant effect on the price movements for the bitcoin with immediate effect for that matter.

True, but it was also offset by Binance selling its' 45k of Bitcoin, so whatever bump up the crypto received was short-lived.