On February 12, 2024, Bitcoin reached the $50,000 level for the first time in 775 days. According to data from the on-chain analytics firm Lookonchain, prior to this record-breaking level, billionaire Justin Sun withdrew a substantial amount of 519 Bitcoins, valued at around $25 million.
Justin Sun’s recent Bitcoin purchase
This is not the first time Justin Sun has made a significant Bitcoin withdrawal from Binance. In the two months leading up to and following the approval of the spot Bitcoin ETF (Exchange Traded Fund), Sun withdrew over 1,158 Bitcoins, valued at around $50 million, from Binance.
With the recent withdrawal of 519 Bitcoins, Sun has withdrawn a total of over 1,676 Bitcoins in the last two months, worth around $75 million. Data indicates that the average price of these Bitcoins is approximately $44,741.
However, before the approval of the spot Bitcoin ETF, the market was quite choppy and unpredictable. Still, investors like Justin Sun seized the opportunity in that market and heavily accumulated. Additionally, Justin Sun’s recent Bitcoin accumulation occurred just before the breakout of a strong resistance line, which is situated at the $48,000 level.
Bitcoin technical analysis and its performance
With this significant interest from investors and traders, it appears that Bitcoin is still trading at an affordable price, and there is still potential for growth. Currently, Bitcoin is trading near $50,000, and in the last 24 hours, it has experienced over a 3.5% upside momentum.
Looking at Bitcoin’s performance over a longer period, in the last 7 days, it has seen over a 17% upside movement, while in the last 30 trading days, the price of Bitcoin has surged by over 16%. This notable price surge in Bitcoin suggests that with his recent withdrawal, Justin Sun is making more than $11 million in profits.
According to expert technical analysis, on a daily time frame, Bitcoin has broken a strong resistance line and closed above it. Overall, Bitcoin is bullish as it is trading above the 200 EMA (Exponential Moving Average).
In addition to these EMA indicators, another technical indicator showing bullishness in Bitcoin is the super-trend. On a monthly time frame, the super-trend is flashing a buy signal. If this bullish momentum continues, we may see Bitcoin reach $52,000 in the coming days, as there is no obstacle (resistance) between the $50,000 and $52,000 levels.
