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Home»ADOPTION NEWS»Bitcoin Whale Buys 1,000 BTC in ‘Crazy Action’, Sells on Binance, Hits Low Below $58,000
ADOPTION NEWS

Bitcoin Whale Buys 1,000 BTC in ‘Crazy Action’, Sells on Binance, Hits Low Below $58,000

By Crypto FlexsAugust 29, 20242 Mins Read
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Bitcoin Whale Buys 1,000 BTC in ‘Crazy Action’, Sells on Binance, Hits Low Below ,000
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Bitcoin (BTC) re-targeted $60,000 on August 29 as the market broke out of a new wave of impulsive selling.

BTC/USD 1-hour chart. Source: TradingView

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.

Source: MartyParty

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.

Binance BTC balance (screenshot). Source: CoinGlass

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.”

BTC/USDT 4-hour chart. Source: Michaël van de Poppe/X

More encouraging signals came from large investors, with analytics platform Lookonchain highlighting a large buy worth nearly $60 million.

Source: Lookonchain

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 whale and shark wallet data. Source: Santiment/X

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.”

BTC/USD 1-week chart. Source: Rekt Capital/X

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.