During the recent stock market crash, Bitcoin whales seized the opportunity to add significant amounts of Bitcoin (BTC), the world’s largest cryptocurrency by market cap. On August 6, 2024, a leading analyst posted on X (formerly Twitter) that whales had accumulated over 30,000 BTC in the last 48 hours, worth $1.62 billion.
BTC Whales added 30k BTC in the last 48 hours
However, according to the report, this massive accumulation has been observed due to a spike in BTC outflows from exchanges and a decrease in the supply of BTC on exchanges.
At the time of going to press, BTC is trading around the $55,000 level and has experienced a price jump of more than 10% in the past 24 hours. Meanwhile, the trading volume has dropped by 30%, indicating lower participation from investors and traders.
Current market sentiment
Despite this huge accumulation and market recovery, the Fear and Greed index stands at 17, indicating extreme fear in the market.
Currently, the market sentiment is bearish globally, and this is possibly happening due to the recent Japan interest rate update. However, the market seems to be recovering. Amidst this bounce, the Japan 225 chart resembles the BTC chart in a 4-hour time frame, according to data from TradingView.
However, both charts are now rejected by the exponential moving average (EMA).
Bitcoin Price Prediction
According to expert technical analyses, Bitcoin The price is looking bearish and consolidating in a tight range between $54,000 and $56,100 in a 4-hour time frame. However, the range between $56,000 and $57,000 is acting as a strong resistance level, while the $54,000 level is acting as a minor support level.
The breakout or collapse of this consolidation will determine BTC’s next move. In the coming hours, if BTC breaks out of a crucial resistance level and closes a 4-hour candle above $57,000, there is a high chance of it reaching $60,000. Conversely, if BTC breaks the support level and closes a 4-hour candle below $54,000, it could potentially fall back to the previous level of $50,000.
To close the BTC CME gap, there is now a high chance of BTC breaking above the $57,000 mark.
