Bitcoin Losses $60,000 As Whale Buys 1,062 BTC In One Swipe On Binance
Bitcoin is down, retracing from $60,000. All the same, the uptrend remains and the coin might confirm gains of September 13
Bitcoin pushed higher on Friday, breaking above $60,000. The race was a statement for buyers and a signal that the trend could be shifting in their favor. Technically, the uptrend is now valid and will remain as long as prices stay above the $58,000 and $60,000 support zone. The leg-up is mostly fundamentally driven. Specifically, the community expects the United States Federal Reserve to ease this week, lifting sentiment. With lower rates, there could be more influx to value-preserving assets, which would benefit Bitcoin and other alternatives.
As it is, Bitcoin is stable at spot rates but has lost $60,000. Crucially, there is a pick-up in momentum and trading volume, pointing to investor interest. Overall, the world’s most valuable coin is in green over the last week, adding nearly 8%. Meanwhile, the average trading volume is up, recording $24 billion over the previous day. Though lower, it could begin rising if there is confirmation of recent gains.
Traders are closely watching the following Bitcoin trending news:
- Bitcoin found support at the 50-week moving average, recovering strongly. As the coin strengthens, the next leg up could see prices spike above $92,000 in a buy trend continuation formation.
- Over the weekend, as prices consolidated, a whale bought 1,062 BTC via Binance. The wholesale purchase is a mark of confidence and could help further drive demand in the coming days.
Bitcoin Price Analysis
BTC/USD is bullish at spot rates, even with the retracement.
Despite the cool-off, BTC is still above $58,000.
Since the leg up on September 13 is with expanding volume, there is a high probability of trend continuation. It is especially now that prices are still within its trade range.
Accordingly, traders can consider longing dips above the support zone, angling at $66,000.
Any unexpected flash crash below $56,500, unwinding September 13 gains, invalidates this bullish outlook.
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