Bitcoin (BTC) re-targeted $60,000 on August 29 as the market broke out of a new wave of impulsive selling.
Binance sells 45,000 BTC
According to data from Cointelegraph Markets Pro and TradingView, BTC price action coincided with a two-week low of $57,900 on Bitstamp before bouncing back.
BTC/USD came under pressure the previous day, with market participants attributing the weakness to spot selling by the world’s largest exchange, Binance.
The exchange has been embroiled in controversy over Palestinian users’ funds, with sell-offs particularly high during U.S. trading hours.
According to data from monitoring resource CoinGlass, Binance’s BTC balance has been recorded to have decreased by 45,000 BTC.
Accordingly, Michael van de Poppe, founder and CEO of trading firm MNTrading, predicted that the price would fall to $56,000, and claimed that a drop to $61,000 on the lower time frame would be “significant.”
More encouraging signals came from large investors, with analytics platform Lookonchain highlighting a large buy worth nearly $60 million.
As researcher Santiment previously noted, for those with whales and sharks at around $59,000, it’s already “okay” to buy dips.
“Wallets holding 10-10K BTC over the past month have accumulated a total of over 133.3K coins, while small traders continue to impatiently dump their holdings into their wallets,” one of X’s posts revealed.
Bitcoin retests long-term ‘consolidation support’
According to popular trader and analyst Rekt Capital, BTC/USD continued its weekly consolidation pattern within a narrowing wedge shape, looking like a breakout is on the cards.
Related: Bitcoin Price Rise 11x S&P 500, Signs BTC Is ‘Rolling Over’ – Analyst
He explained along with the chart that day, “Bitcoin actually made a higher low (light blue) and held above the weekly level (black; $55,737).”
“Moreover, Bitcoin has since formed a base at much higher weekly levels (~$58,000), which is acting as consolidation support this week. This consolidation support is being retested as we speak.”
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.