Whales continue to display confidence in Bitcoin (BTC). On Tuesday, a big crypto holder withdrew significant amounts of Bitcoin from Binance today as the price maintains above $100k. The whale action suggests increasing interest in the largest digital currency.
Whale acquires 400 BTC
According to data from Lookonchain, a whale withdrew 400 BTC from Binance today. The total value of the transaction was $41.2 million drawing attention from market participants.
Bitcoin witnessed a dramatic week as wild fluctuations took center stage. The token started with negative market sentiment this week, dropping to below $100k, marking a 4.7 % downward correction.
However, the whale grabbed the opportunity, accumulating 400 BTC in its holdings today. With an average price of $103,000 per token, the acquisition amounts to $41.2 million. This transfer signals increasing confidence in BTC’s long-term prospects.
This accumulation coincides with BTC’s recent less severe consolidation compared to earlier market downsides, suggesting big crypt holders’ influence in mitigating price decreases. The ongoing whale acquisitions could play a critical role in cushioning the token from embracing the bear trend.
The strategic purchasing frenzy by whales during market corrections has become a recurrent activity. Their actions have boosted BTC, giving the coin some form of resilience.
Bitcoin price updates
Today, Bitcoin recovered previous losses amid some bargain buying at the $100,000 level. BTC is currently trading at $102,721, up 3.6% in the last 24 hours. The largest digital asset had dropped to $98,500 on Monday but made a quick recovery.
The recent extreme volatility on the token left traders concerned, particularly following its swift decline after climbing to significant heights this past week. After rising over 15% from its low of $91,000 on Jan.13 to a new ATH of $109,300 on Jan.20, Bitcoin has initiated a correction below the $103,000 level.
On Jan 27, BTC fell below $98,500, a decline that signaled the market’s cautious stance as traders assess the performance of the new regime led by President Trump and get ready for the Fed’s first meeting of the year.
Market optimism now relies on the Fed’s forthcoming discussion slated today and tomorrow, anticipating potential decisions that could impact the broader cryptocurrency market.
Currently, BTC price moves suggest embracing a consolidation trend between $97,000 and $103,000, a range where many expect buying activity. If it manages to stay above the $100,000 mark, it could restore traders’ confidence and suggest healthier market trends.
