Based on on-chain data, a Bitcoin whale that has been accumulating on Bitcoin’s dip has made a significant purchase, acquiring 673 BTC.
According to Lookonchain, a Bitcoin whale withdrew 673 BTC worth $45.2 million from Binance in recent hours. Withdrawals from exchanges might indicate a desire to buy, while deposits indicate an intent to sell.
The said BTC whale, according to Lookonchain, has consistently bought Bitcoin on the dip. On March 21, Lookonchain reported that the whale had accumulated 4,451 BTC worth $294.6 million from Binance at an average price of $66,195. Bitcoin has been extremely volatile since reaching an all-time high of $73,797 last week.
This whale withdrew 673 $BTC($45.2M) from #Binance again in the past 2 hours.https://t.co/qFMaC1Wbxh pic.twitter.com/d549zsl6tD
— Lookonchain (@lookonchain) March 21, 2024
Bitcoin has fallen about 13% from its recent all-time high as demand for fledgling spot Bitcoin exchange-traded funds cools, with the worst three-day outflow since the products debuted on Jan. 11.
Bitcoin began to recover late Wednesday, boosted by policy decisions made at the most recent U.S. Federal Reserve meeting. The U.S. central bank kept interest rates unchanged and hinted at further rate cuts this year.
Bitcoin recovered above $68,000 on Thursday, but bulls were unable to extend the rally, with BTC reaching lows of $64,525.
At the time of writing, BTC was extending its declines, down 3.48% in the last 24 hours to $64,796 after hitting intraday lows of $64,529.
Eyes peeled for BTC price recovery
In the days ahead, eyes are peeled for a recovery of the BTC price after testing key support levels. Bitcoin might consolidate and then form a base for a potential upward move. In this scenario, key resistance levels will be closely monitored, with a breakout likely to trigger further buying interest and propel Bitcoin toward higher price targets.
In the event of a rebound, the first indicator of strength would be a move above $65,270. If this occurs, BTC may reach $69,000, the final obstacle before challenging its current all-time high of $73,797.
A rebound from the current level might face selling pressure at $65,270. In the case of further selling, BTC may fall to the 50-day SMA ($57,614), where bulls are expected to buy aggressively.
