Bitcoin Whales Loaded Over 30,000 BTC: Will BTC Bulls Break $60,000?
Bitcoin whales are loading the dip, scooping over 30,000 BTC. The first resistance is at $60,000. If broken, prices may rally to $72,000
Bitcoin pushed higher yesterday, moving to within the July 2024 zone and floating above the $56,500 level. While impressive, sellers remain in control, at least in the short term, unless there is a big bounce above $60,000 today. What’s clear to see in the daily chart is that the long lower wick of August 5 signaled strength, which showed yesterday and is likely to anchor ambitious buyers. Though the recovery is welcomed, the bear breakout of Monday remains from a top-down preview.
So far, traders are optimistic, but there is a shed of weakness from a top-down preview. From the daily chart, the coin is within a bear breakout formation. Of note, BTC is down roughly 20% from July highs, as weekly losses remain in double digits at 14%. At the same time, trading volume has been dropping over the last two days, currently at over $46 billion.
The following trending Bitcoin news developments are worth watching:
- Recent losses went into the history books, pushing crypto dips to the largest declines in nearly two years. Though the FTX collapse gained attention, the contraction from over the weekend was more notable.
- Though prices fell, spooking retailers, large holders, on-chain data shows, saw this as an opportunity to double down. According to Santiment, whales scooped over 30,000 BTC during the slide.
Bitcoin Price Analysis
BTC/USD is bearish at spot rates, looking at the development in the daily chart.
Even though prices recovered, the immediate resistance is between $58,000 and $60,000. This zone marks the high of August 5.
Therefore, from a top-down preview, sellers have the upper hand and can short on every attempt higher, targeting $50,000.
However, once Bitcoin bulls break above $60,000, the trend will rapidly shift. Then, traders might consider loading on dips, targeting $66,000 or higher.
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