In the ongoing struggling cryptocurrency market, where top cryptocurrencies are experiencing massive price falls, whales are taking advantage of the lower prices and continuously accumulating the top cryptocurrencies. Recently, on April 18, 2024, Lookonchain, an on-chain analytic firm, made a post on X (Previously Twitter) stating that a whale withdrew a massive 300 Bitcoin (BTC) worth $18.26 million from the world’s biggest cryptocurrency exchange, Binance.
Whales add $18 mln Bitcoin amid price drop
However, this accumulation indicates that this whale took advantage of Bitcoin’s massive price fall. As of today, April 18, 2024, Bitcoin’s price dropped more than 4.5% and also reached a low of $60,090.
Currently, Bitcoin is trading near $61,550, and in the last 24 hours, it experienced a massive price fall of over 3%. If we look at Bitcoin’s performance over a longer period, in the last 7 days due to political tension between Iran and Israel and the release of US CPI data, it experienced a price drop of over 13%. Whereas, in the last 30 days, Bitcoin experienced over a 10% downside momentum.
Besides this recent accumulation, since March 21, 2024, this whale has accumulated a total of 3,760 Bitcoin worth $242.55 million. However, the average purchase price of these massive Bitcoins is $64,508, and all this accumulation is done through the Binance exchange.
Bitcoin technical analysis and key levels
According to expert technical analysis, Bitcoin is currently trading near a crucial level, and this level has acted as support since February 28, 2024. If Bitcoin on a daily timeframe gives a breakdown and the daily candle closes below this support level, which is $59,550, then a massive fall of over 10% could hit the $53,000 level. Additionally, if Bitcoin in a 4-hour timeframe gives a closing above $62,700, then the market sentiment as well as the structure will change soon.
However, the last time on March 20, 2024, when Bitcoin reached this position, it experienced massive upside momentum. But the current situation and the market sentiment are negative; it’s on bull and bear where they want to move it.
Besides Bitcoin, other top cryptocurrencies like Ethereum, Solana, Dogecoin, and others are also continuously experiencing the same downward trend. However, the market is heading toward halving, and we may see some improvement in the market in the coming days.
