$72 Million Bitcoin in 24 Hours; New Year's Eve BTC Sellout

U.Today - Just three hours ago, a significant Bitcoin whale made another headline by depositing 778 BTC, or roughly $72 million, into Kraken. Given that the whale has deposited 3,038 BTC worth around $286 million into the exchange since Dec. 20, which coincided with the most recent market decline, this activity follows a regular pattern. Even with these substantial withdrawals, the whale still has a sizeable holding of 24,665 BTC, which is worth about $2.27 billion.

Since whale activity has the ability to affect market sentiment and price direction, it should not be ignored. Consistent deposits into Kraken suggest a potential liquidation strategy, possibly in anticipation of market volatility or other unidentified factors. This kind of large sell-off frequently pushes prices lower, adding to Bitcoin's already difficult situation.

The current price of Bitcoin is $92,367, indicating a slight daily decline of 1.1%. Low volatility is indicated by the price consolidation over the last day, which has been between $91,375 and $94,838. Since Dec. 20, there has been noticeable downward pressure on the monthly chart, making it difficult for Bitcoin to stay afloat. Technically, Bitcoin has dropped below its 50 EMA, a bearish indication that suggests more short-term difficulties.

Around $76,160, at the 200 EMA, is the next significant support. If this level fails, there may be more selling pressure on Bitcoin, which would be made worse by whale activities like the ones we have seen. Long-term Bitcoin is still a strong asset, even though the current activity suggests short-term pessimism.

Bitcoin may get the momentum it needs to regain its footing above important support levels from the usual post-New Year recovery of the overall market. However, whether these massive sell-offs continue or slow down in the upcoming weeks will determine a lot. As of right now, traders and investors should keep a close eye on $85,456 as a crucial support level and $96,471 as an immediate resistance level. As we enter 2025, Bitcoin's trajectory will probably be determined by sustained movement above or below these levels.

Source: Investing.com