Bitcoin Whale Moves $72 Million in 24 Hours: Impact on Market Sentiment

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewFCA, CySEC, ASIC, MAS, FSA, EFSA, DFSA, CFTCUSD 100Visit Broker
🥈Read ReviewFSCA, FSC, ASIC, CySEC, DFSAUSD 5Visit Broker
🥉Read ReviewCySEC, MISA, FSCAUSD 25Visit Broker
4Read ReviewASIC, BaFin, CMA, CySEC, DFSA, FCA, SCBUSD 200Visit Broker
5Read ReviewASIC, FCA, CySEC, SCBUSD 100Visit Broker
6Read ReviewFCA, FSCA, FSC, CMAUSD 200Visit Broker
7Read ReviewBVI FSCUSD 1Visit Broker
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker

In a dramatic move earlier today, a significant Bitcoin whale deposited 778 BTC, worth approximately $72 million, into the Kraken exchange.

This deposit is part of a larger pattern, with the same whale transferring a total of 3,038 BTC (valued at $286 million) since December 20. While these actions typically stir market speculation, the whale still holds a substantial 24,665 BTC, or roughly $2.27 billion, raising questions about its intentions.

Whale Activity and Its Impact on Bitcoin’s Price

Whale movements can have a profound impact on market sentiment and price fluctuations, especially when such substantial sums are involved. The recent deposit into Kraken suggests that the whale may be preparing for a potential liquidation, likely in response to anticipated market volatility or other undisclosed factors. Historically, large sell-offs like this have pressured Bitcoin’s price downward, intensifying an already difficult market environment.

Currently, Bitcoin is priced at $92,367, reflecting a minor daily drop of 1.1%. Despite this decline, the cryptocurrency has been consolidating between $91,375 and $94,838, indicating low volatility. However, on a monthly chart, Bitcoin has been under noticeable downward pressure since December 20, struggling to maintain its position. Additionally, Bitcoin’s drop below its 50-day Exponential Moving Average (EMA) signals a bearish outlook, hinting at more challenges in the short term.

BTC/USD

Support and Resistance Levels: What to Watch for in 2025

Looking ahead, Bitcoin’s next significant support level is around $76,160, marked by the 200-day EMA. If this level fails to hold, further selling pressure could arise, exacerbated by ongoing whale activity. While the long-term outlook for Bitcoin remains positive, the short-term picture is clouded by these large transactions and their potential to influence price action.

As we approach 2025, Bitcoin’s performance will largely depend on whether it can regain momentum and hold above critical support levels. Traders should monitor the $85,456 support and $96,471 resistance levels closely, as movement beyond these thresholds could determine Bitcoin’s direction in the new year. With a post-New Year market recovery often expected, Bitcoin’s trajectory may hinge on the resolution of this ongoing volatility and the continuation or slowing of massive sell-offs.

Key Points:

  • $72 million deposited into Kraken by a Bitcoin whale in 24 hours.

  • Whale activity suggests potential liquidation strategy amid market volatility.

  • Bitcoin’s price struggles, consolidating between $91,375 and $94,838.

  • Crucial support at $76,160 and resistance at $96,471 for 2025.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments