- Amid the ongoing price correction, whales and institutions have moved Bitcoin worth hundreds of millions
- A crypto whale bought the dip and added 550 BTC worth $38.68 million
After a remarkable rally, Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, recorded a major price correction on the charts. Between October 26 and 29, the cryptocurrency attracted a lot of attention due to its 11% price increase. However, this was not allowed to last.
Will Bitcoin’s Price Correction Continue?
At this point, investors and traders need to understand that a price correction after a notable rally is a positive sign for the long term. Especially since it can support a potential price increase in the long term.
Some had therefore also expected such a price correction. In the backdrop of the aforementioned correction, some whales and institutions have also moved assets worth hundreds of millions.
The recent action of whales and institutions
According to blockchain-based transaction tracker Lookonchain, Mount Gox’s wallet, which holds nearly 45,000 BTC worth $3.11 billion, transferred 500 BTC worth about $35.04 million during the morning hours of the Asian trading session.
Source:
Moreover, another whale bought the dip and added 550 BTC worth $38.68 million as the price fell to the crucial support level.
Source: X (formerly Twitter)
Bitcoin technical analysis and key level
According to AMBCrypto’s technical analysis, BTC appeared to retest its $69,235 breakout level of the decline channel price action pattern at the time of writing.
Source: TradingView
Based on the recent price action and historical momentum, if BTC maintains this level, there is a high chance that it could rise significantly in the coming days. Otherwise, this outbreak is considered a fake outbreak.
At the time of writing, BTC was trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an asset trend that is on an uptrend. Meanwhile, the Relative Strength Index (RSI) suggested a potential upside rally as it remained in neutral territory (neither oversold nor overbought).
Bullish statistics in the chain
Bitcoin’s positive outlook was further supported by its on-chain metrics. According to on-chain analytics firm Coinglass, BTC’s Long/Short ratio had a press-time value of 1.09, indicating strong bullish sentiment among traders.
Furthermore, Open Interest increased by 17% – a sign of growing interest in the asset among traders.