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Amid the growing concerns over Bitcoin's (BTC) inability to rise above the $105,000 resistance level, a whale has triggered a bullish move. Lookonchain, an on-chain platform, has in the last three hours spotted a notable whale movement that could signal an incoming bullish trigger for the top coin.
Whale withdrawals hint at Bitcoin accumulation
Per the transaction, the whale withdrew 2,218 BTC from two different exchanges, Binance and Kraken. The withdrawal's value is $226.75 million.
Notably, the whale withdrew 1,038 BTC from Binance and a more significant 1,180 BTC from Kraken. Both transactions were transferred to the same wallet address, making the time frame very substantial.
The Bitcoin whale's move may signal that he or she is not ready to sell for now and has decided to hold the assets in cold storage.
Generally, this is a bullish sign, as it indicates that whales are anticipating a price increase for Bitcoin, hence the recent movements.
On-chain data shows that the whale’s wallet, “bc1q…gvh,” contains 18,330 BTC, which is valued at approximately $1.88 billion.
The wallet has registered consistent inflows from different exchanges over several months, suggesting a likely institutional affiliation. This trend is considered bullish sentiment on the market.
Will sell pressure ease amid market hesitation?
Given that the broader crypto market monitors whale action, this latest move could help reduce sell pressure.
The leading digital currency was beginning to face selling pressure amid its price resistance in the market space.
According to CoinMarketCap data, Bitcoin price was worth $101,955.86 as of press time, representing a 1.28% decline in the last 24 hours.
Bitcoin plunged from a peak of $103,877.75 to its current levels as trading volume dipped by 15.54% to $43.35 billion.
However, broader market development shows the sell pressure might soon ease following news reported by U.Today that the U.S. government will not sell Bitcoin.
Vladislav Sopov
Dan Burgin