In the midst of rising concerns over Bitcoin’s struggle to break past the $105,000 resistance level, a significant whale transaction has ignited bullish sentiment. According to Lookonchain, an on-chain analytics platform, a large Bitcoin holder recently moved a substantial amount of BTC, signaling potential accumulation ahead.
Over the past three hours, the whale withdrew a total of 2,218 BTC, worth approximately $226.75 million, from two major exchanges—1,038 BTC from Binance and 1,180 BTC from Kraken. Both transfers were consolidated into a single wallet address, underscoring a decisive move.
This strategic withdrawal suggests the whale is opting to hold rather than sell, transferring funds into cold storage. Such behavior typically points to confidence in a future price rally, reinforcing a bullish outlook among market watchers.
The wallet in question, identified as “bc1q…gvh,” currently holds around 18,330 BTC, valued at nearly $1.88 billion. Notably, this wallet has consistently received deposits from multiple exchanges over recent months, indicating possible institutional involvement—an indicator widely viewed as a positive market signal.
Market observers are hopeful that this whale activity could ease prevailing sell pressure, which has been mounting as Bitcoin grapples with price resistance. CoinMarketCap data shows Bitcoin trading at $101,955.86 at press time, down 1.28% in 24 hours, having fallen from a recent high of $103,877.75. Trading volume also declined by 15.54% to $43.35 billion.
Despite this short-term dip, broader market dynamics suggest selling pressure may abate soon. Reports from U.Today reveal that the U.S. government has no plans to offload its Bitcoin holdings, a development that could stabilize the market and support upward momentum.
Related Topics:
