- Crypto whales collected 5,900 BTC worth $397 million from CEXs amid the price drop.
- BTC trading volume increased by 65%, indicating greater participation from traders and investors.
On July 29, the US government moved $2 billion worth of Bitcoin [BTC] to new wallets. This remarkable move received massive attention from crypto enthusiasts and had a heavy impact on the overall market.
After this incident, BTC traded near the $66,520 level and experienced a 4.6% price drop in the last 24 hours. Amid this price drop, investor and trader participation increased by 65%, signaling potential ‘buy the dip’ activity.
Whales catch 5,900 Bitcoin
Moreover, whales and institutions took this price drop as an opportunity and accumulated a significant amount of BTC.
On July 30, on-chain analytics company spotonchain posted a message on
According to the spoton chain report, whale address “12QVs” withdrew a whopping 4,500 BTC worth $303 million from Binance, at an average of $67,298. Of these, 3,500 BTC worth $233 million were withdrawn just after the BTC price plummeted.
Meanwhile, the other three whales, which will likely form one entity, withdrew 1,400 BTC worth $94 million from Bitfinex, at an average of $67,185.
Furthermore, since June 12, they have withdrawn a whopping 3,910 BTC for an average of $65,764, and now have an unrealized profit of over $4.59 million.
Technical analysis of Bitcoin and upcoming levels
According to expert technical analysis, BTC is moving in a downward channel pattern and is currently experiencing resistance from above.
Historically, whenever BTC reaches this level, it experiences a massive price drop. Since March 2024, BTC has reached the top of this channel pattern five times, each time experiencing a price reversal.
Source: TradingView
If the sentiment remains the same, there is a good chance that BTC could fall to the $63,350 level or even lower.
However, to experience upside momentum, it will be necessary for BTC to break this downward channel pattern and close a strong daily candle above $71,800.
The main liquidation level of BTC
In the last seven days, two major liquidation levels were observed near the level of $70,330 on the higher side and $63,800 on the lower side.
If history repeats itself and the BTC price falls to the $63,800 level, nearly $3.20 billion in long positions will be liquidated.
Read Bitcoin’s [BTC] Price forecast 2024-25
Conversely, if the price of BTC experiences an upward movement and reaches the $71,800 mark, short positions of almost $3.3 billion will be liquidated.
Source: CoinGlass
Along with this bearish outlook, BTC futures Open Interest (OI) saw a 6% decline over the past 24 hours. This decline in OI indicates lower interest from traders and investors.