Bitcoin Price Analysis: Mysterious Whale Remains Accurate In BTC
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Following the recent crash in Bitcoin (BTC) to the $40K area, the third-largest whale purchases more BTCs, at a discount. This entity has acquired over $13 million worth of BTC as it “buys the dip.”
This mysterious whale has remained on the radar of market analysts for a long time. In April, this account sold a substantial amount of its holding when the benchmark cryptocurrency surged to its all-time high (ATH) levels above $60K.
Interestingly, this account regained a bullish appetite during the subsequent market crash to the $30K area and accumulated several coins at different batches. The purchasing intervals occurred around the time after Bitcoin dropped significantly from recent peaks.
Reports show that these transactions occurred on Coinbase, the largest crypto exchange in the US. The most recent purchase occurred yesterday when the entity purchased and transferred 321 BTC at around $40.5K, a few points away from the intraday bottom.
According to analytic data, this account has made a good number of transfers to the Coinbase wallet. At press time, the total holding on the wallet is at 111,795 BTC (worth $4.91 billion). According to a CryptoQuant analyst, this whale boasts of an unrealized profit of $2.4 billion.
Key Bitcoin Levels to Watch — September 23
Bitcoin is on a steady rebound from its recent foray to the $40K area and has climbed back above the $44K level. Based on our VPFR indicator, trading momentum should increase around the current price area, as historical reading shows.
The primary level for bulls to beat to regain market control is the $46K – $46.5K pivot zone. A successful reclaim of this critical point over the coming days should help BTC climb back to the $50K zone.
However, the failure of bulls to sustain this rise above the $43.6K pivot zone could put the primary cryptocurrency into a range-bound bias.
Meanwhile, our resistance levels are at $44,400, $45,000, and $46,000, and our key support levels are at $43,600, $43,000, and $42,000.
Total Market Capitalization: $1.98 trillion
Bitcoin Market Capitalization: $828.3 billion
Bitcoin Dominance: 41.7%
Market Rank: #1
