The cryptocurrency market has experienced a massive downturn in the last five days, including Bitcoin (BTC) and Ethereum (ETH). Amid this period, two top cryptocurrencies, BTC and ETH, experienced a price drop of nearly 6% and 11%, respectively. However, during this downturn, whales, traders, and investors found the continuous price drop as an opportunity and withdrew a massive 14,140 Bitcoin worth $954.50 million from cryptocurrency exchanges, according to CryptoQuant, an on-chain analytic firm.
Investors buy $954 million worth of Bitcoin
This massive accumulation took place in just 48 hours when the price of BTC was at a crucial support level. As of now, fear still persists in the market. Recently, it has been observed that during this ongoing price fall, an Ethena (ENA) whale dumped a massive 19 million tokens and booked a loss of $14 million. This loss booking in the bearish market highlights and indicates the fear in the market.
Besides this massive accumulation of BTC, currently, its price is stable. Intraday, it also made a low of $66,123. However, as of writing, Bitcoin is trading near $67,500, and in the last 24 hours, it experienced a 0.5% upside momentum. If we look at the performance of BTC over a longer period, in the last 7 days, it experienced a nearly 6% price fall, whereas in the last 30 days, BTC experienced an upside momentum of 11%.
Bitcoin technical analysis and key levels
According to expert technical analysis, Bitcoin is now looking bullish, and it may jump 6% in the coming days. As of now, Bitcoin is on a daily time frame forming a bullish double-bottom price action pattern. Besides this bullish double-bottom pattern, BTC’s $67,300 and $66,300 are important support levels and also demand zones where we have seen nearly $1 billion of BTC accumulations.
In the 4-hour time frame, BTC might experience some hurdles near the $67,800 level because of the 200EMA (Exponential Moving Average). If Bitcoin’s 4-hour candle gives a candle closing above the $68,000 level, then we may see the $69,800 level and $71,500 level in a short period.
Besides the upcoming bullish outlook for Bitcoin, currently, the overall crypto industry is once again looking bullish, and maybe tomorrow the market will rebound and experience some gain in value.
