After a massive price drop, Bitcoin (BTC) has now regained its $58,000 level. This massive recovery in BTC price may have occurred due to increased interest from whales and institutions. On August 16, 2024, Bitcoin Whale withdrew a significant 533 BTC worth $31 million from Binance at an average price of $58,188, according to on-chain analytics firm Spotonchain.
Bitcoin Purchase by Whales and Institutions
Apart from this recent BTC purchase, Marathon Digital, the largest Bitcoin mining company, bought 4,144 BTC worth $249 million between August 12 and August 14, 2024 at an average price of $59,500. This massive BTC accumulation in this range suggests a perfect buying level for crypto enthusiasts.
However, traders in this volatile market are getting confused as the price of BTC and other digital assets fluctuates wildly.
Recently, a crypto expert posted on X (formerly Twitter) that the price drop on Thursday night was just a mild correction. Moreover, this recent level is a crucial support level for BTC. However, if BTC fails to hold this level, there is a high chance that it could drop to $54,000 or even $48,000 in the coming days.
Bitcoin Price Analysis
Currently, BTC is trading around the $58,150 level and has experienced a price drop of more than 2.5% in the past 24 hours. Meanwhile, the trading volume has increased by more than 10% in the same period, indicating higher participation of traders and investors in this volatile market.
Bitcoin Price Prediction for August 2024
Besides all these accumulations by whales and institutions, experts indicate that Bitcoin is bearish as the price is trading below the 200 Exponential Moving Average (EMA) on a higher time frame.
If BTC closes a daily candle below the $57,500 level on a daily timeframe, there are high chances of the price dropping to $56,000 and $54,000 levels in the coming days.
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