A whale recently transferred 1108 BTC coins from the Binance exchange to an unknown wallet. It means that the whale plans to hold it, which is quite a bullish signal in Bitcoin.
1,108 #BTC (69,536,658 USD) transferred from #Binance to unknown wallethttps://t.co/xUnLpb4Kve
— Whale Alert (@whale_alert) May 13, 2024
Meanwhile, another transaction occurred with 2000 BTC from an unknown wallet to a different unknown wallet. It has been widely recognized that such transactions tend to distract the market from other burning issues. However, these kinds of transactions generally do not significantly impact the market.
2,000 #BTC (125,850,507 USD) transferred from unknown wallet to unknown wallethttps://t.co/7xW94sF4wQ
— Whale Alert (@whale_alert) May 13, 2024
Notably, these tweets highlight changes in whale sentiment for bitcoin. This could mean these transactions might be more than just market noise.
Bitcoin is at $62,600
— borovik (@3orovik) May 13, 2024
– Banks are buying
– Roaring Kitty is back
– Election in 6 months
– nations are buying
How can anyone be bearish?? pic.twitter.com/NuCiBcnDNo
X Shows Positive Sentiments For BTC
Borovik tweeted that anyone could be bearish, as banks and the nation are buying BTC, and the election is in 6 Months.
NEW: Switzerland's largest bank UBS Group AG discloses spot #Bitcoin ETF holdings in new SEC filing. pic.twitter.com/xtBH1F1qc0
— Bitcoin Magazine (@BitcoinMagazine) May 13, 2024
Additionally, Bitcoin magazine verified his tweet. The news agency tweeted this breaking news in detail: Switzerland’s largest bank, UBS Group AG, has revealed its SPOT Bitcoin ETF holdings in its new SEC filing.
El Salvador bought another #Bitcoin today
— Bitcoin Magazine (@BitcoinMagazine) May 13, 2024
President Bukele said they'll buy 1 #BTC every day "until Bitcoin becomes unaffordable with fiat currencies." pic.twitter.com/s08iYN6dTW
They also shared that El Salvador has bought another bitcoin, and the nation’s president, Bukele, said they would buy 1 BTC every day until the crypto asset becomes unaffordable to buy with fiat currencies.
Analysts Are Positive On BTC, Can It Reach $100K?
BTC had ended up in a wedge after the rally. However, the top crypto revealed a sign of recovery as it spiked from the wedge’s bottom trendline and at press time, was seen consolidating at a crucial support level of around $60,000 on the daily chart.
If Bitcoin manages to surpass the wedges above the trendline with a thrust, it could be setting up for a colossal surge, essentially breaking out of the falling wedge. It would gear up the rally to crack the resistance level (like $65,480, $67,500, and $72,470) and could also rocket to new peaks.
At press time, BTC had experienced a fall of 1.70% in the last 24 hours, trading at $62028.3.
If demand picks up, Bitcoin could bounce back from the current level. However, if the price fails to stay above the $60,000 price level, it could decline further and could even go as low as $50,000 which is a major support level.
Summary
A 1108 BTC transaction from the Binance exchange to an unknown wallet suggests the crypto moguls are bullish. Another transaction of 2000 BTC occurred between two unknown wallets, likely for liquidity purposes. Popular X personality Borovik’s tweets highlight the rise in institutional investment (indirect) on Bitcoin.
Despite recent fluctuations, Bitcoin has shown signs of recovery and could potentially surge past resistance levels if demand increases. However, if the price does not stay above $60,000, it could decline further towards the $50,000 support level.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
