Image Source: Pixabay

In the recent market crash, Bitcoin whales took the opportunity to add notable amounts of Bitcoin (BTC) the world’s biggest cryptocurrency in terms of market capitalization. On August 6, 2024, a prominent analyst made a post on X (previously Twitter) that in the last 48 hours, whales had accumulated over 30,000 BTC worth $1.62 billion. 

BTC Whales add 30k BTC in the last 48 hours

However, this massive accumulation has been identified due to a spike in exchange outflow and a decrease in BTC supply held on exchanges, according to the post.

In the past 48 hours, #Bitcoin whales acquired over 30,000 $BTC, valued at approximately $1.62 billion. This is evident from the surge in exchange outflows and the decrease in #BTC supply held on exchanges. pic.twitter.com/oV1aVu2tKc

— Ali (@ali_charts) August 6, 2024

At press time, BTC is trading near the $55,000 level and has experienced a price jump of over 10% in the last 24 hours. Meanwhile, its trading volume has declined by 30%, signaling lower participation from investors and traders.

Current market sentiment 

Despite this massive accumulation and market rebound, the Fear and Greed index is at 17, which indicates extreme fear in the market. 

As of now, the market sentiment is bearish worldwide, and this potentially happens due to Japan’s recent interest rate update. However, the market looks recovering. Amid this bounce, the Japan 225 chart looks similar to the BTC chart in a 4-hour time frame according to data from TradingView.

However, both charts are now getting rejection from the exponential moving average (EMA).

Bitcoin price prediction

According to expert technical analysis, Bitcoin looks bearish and is consolidating in a tight range between $54,000 and $56,100 in a 4-hour time frame. However, the range between $56,000 and $57,000 acts as a strong resistance level, while the $54,000 level serves as a small support level.

(Click on image to enlarge)

Source: Trading View

The breakout or breakdown of this consolidation will determine BTC’s next move. In the coming hours, if BTC gives a breakout of a crucial resistance level and gives 4 hours candle closing above $57,000, there is a high chance it will reach $60,000. Conversely, if BTC breaches the support level and closes a 4-hour candle below $54,000, it could potentially fall back to its previous $50,000 level.

As of now, to fill the BTC CME gap, there is a high chance that BTC could cross the $57,000 level. 

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