Bitcoin It attracted the attention of whales with the recent movement in its price. Whales have aggressively expanded their portfolio, buying more than 100,000 BTC worth nearly $7 billion in the past week alone. they took.
#Bitcoin whales have purchased more than 100,000 $BTC over the past week, worth $7 billion! pic.twitter.com/2LBDgZ17Xa
NEWS CONTINUES BELOW— Ali (@ali_charts) March 27, 2024
This development is interpreted as one of the details reflecting the confidence of Bitcoin’s most important investors in the asset.
This aggressive investment move by such key market participants is seen as a strong confirmation of Bitcoin’s long-term value. Historical patterns of similar large-scale acquisitions have frequently led to significant changes in market price. This indicates the possibility of an upcoming uptrend and leads to speculation about BTC’s market trajectory.
Despite this aggressive accumulation of whales, the Bitcoin price attracted attention by falling below $ 70,000 in the last 24 hours. According to CoinGecko, trading started at $71,220 but dropped to an intraday low of $69,448K and eventually settled at $69,770. This represents a 1.39% decline for the day, reflected in a similar decline in market capitalization to $1.369 trillion and a 23.13% decline in intraday trading volume to $33.892 billion.
Technical analysis on the 4-hour chart indicates a bearish trend as the MACD indicator is trending downward at 1189. This move, almost crossing the signal line, indicates a forecast of potential bearish momentum in the near future.
Additionally, the histogram bars are flattening and approaching the zero line, indicating that a drop in price may be imminent. The RSI is slightly above the middle line at 60.48, indicating that buying pressure is potentially weakening. This situation, caused by an overbought situation, indicates a possible reversal and downward price movement in the coming days.
If the downtrend continues, Bitcoin price is expected to target the 50% Fibonacci retracement level, which acts as immediate support. Conversely, a revival of bullish momentum could push the price towards the 78% Fibonacci level and serve as the next major resistance above the $70,000 threshold.
