Crypto whales have been making significant moves in the market, accumulating a whopping 5,900 BTC worth $397 million from Centralized Exchanges (CEXs) amid a recent price drop. This surge in whale activity comes as BTC’s trading volume surged by 65%, indicating higher participation from traders and investors.
The United States government also made a notable move by transferring $2 billion worth of Bitcoin to new wallets on 29th July. This move garnered massive attention from the crypto community and had a significant impact on the overall market, causing BTC to trade near the $66,520 level and experience a 4.6% price drop in the last 24 hours.
Despite the price drop, whales and institutions saw this as an opportunity to accumulate BTC. On 30th July, on-chain analytic firm spotonchain reported that four whales had added a substantial amount of BTC from CEXs. One whale address, known as “12QVs,” withdrew 4,500 BTC worth $303 million from Binance, with 3,500 BTC withdrawn just after the price plunge. Additionally, three other whales withdrew 1,400 BTC worth $94 million from Bitfinex.
Expert technical analysis suggests that BTC is currently moving in a downside channel pattern and facing resistance from the top. Historically, whenever BTC reaches this level, it tends to experience a significant price fall. To see upside momentum, BTC will need to break out of this pattern and close above the $71,800 mark.
In the last seven days, major liquidation levels were observed near $70,330 on the higher side and $63,800 on the lower side. If BTC falls to the $63,800 level, nearly $3.20 billion worth of long positions will be liquidated. Conversely, if BTC rises to $71,800, approximately $3.3 billion in short positions will be liquidated.
Despite the bearish outlook, BTC futures Open Interest (OI) experienced a 6% decline in the last 24 hours, indicating lower interest from traders and investors. The market remains volatile, with whales making strategic moves and traders closely watching BTC’s price movements for potential opportunities.
