On March 5, 2024, when the world’s biggest cryptocurrency, Bitcoin, experienced a reversal from its major resistance level of $66,500, a crypto whale woke up after 14 years and captured everyone’s attention with its activity. On March 6, 2024, an on-chain analytics firm, SpotOnChain, made a post on X (previously Twitter), reporting that this dormant whale had sold all of its Bitcoin holdings.
Investors activity as Bitcoin fall
According to the data, this dormant whale deposited all of its Bitcoin holdings, 1,000 Bitcoins worth around $67.1 million, to Coinbase at $67,116 following the market reversal. However, this whale had initially bought those 1,000 Bitcoins back in 2010 when it was trading near $0.28. The recent deposit indicates that this whale made over $60 million in profit.
The recent market correction and immediate price surge highlight that investors are currently more interested in buying than selling. However, several investors viewed the recent fall as an opportunity and aggressively purchased. According to the report from the transaction tracker Whale Alert, posted on X, investors, as well as institutions, purchased more than half a billion worth ($529.35 million) of Bitcoin when its value dropped over 15%.
Bitcoin technical analysis and Key levels
During the reversal, Bitcoin reached a low of $59,000, but it has now stabilized and is trading above the $65,500 level. In the last 24 hours, Bitcoin has gained over 3% in upside momentum. Looking at Bitcoin’s performance over a longer period, in the last 7 days, it has experienced over a 15% upside momentum, while in the last 30 days, it gained over a 54% price surge.
Overall, the market once again gained, and following the market fall, the overall market surged by nearly 4%, with the overall volume soaring by over 60%. According to expert technical analysis, Bitcoin is currently bullish, and on the daily time frame, if it closes above $69,200, we may see a new high in the coming days.
However, there is also the possibility that Bitcoin may consolidate at the current level and then make a bullish move. On the other hand, if Bitcoin on the daily time frame closes below $60,500, a price fall to $52,000 may be anticipated.
