Whale Activity Supported Bitcoin’s Latest Rise! 45 Thousand Dollar Resistance Reached!

Bitcoin, the world’s largest cryptocurrency, is making headlines again as it approaches the $45,000 price tag. The price of the digital currency exceeded $44,500, indicating a significant revival in the cryptocurrency market.

Bitcoin Pushes $45,000

This latest price increase is attributed to the significant activity of Bitcoin whales, which has significantly affected the market dynamics.

According to SpotOnChain, the two new whales withdrew a total of 2,320.2 BTC from Binance, worth approximately $100 million, while the price was at $43,107. This withdrawal occurred shortly before the market experienced price fluctuation.

#Bitcoin price is back above $44,500!

Two fresh whales jointly withdrew 2,320.2 $BTC ($100M) from #Binance at $43,107 ~9 hours ago, right before the price surged.

Their estimated profit is now $3.49M (+3.49%).

More details: https://t.co/UsdQLc1iyI pic.twitter.com/GRuWtKjLak

— Spot On Chain (@spotonchain) February 8, 2024

This move resulted in an estimated profit of $3.49 million, representing a gain of 3.49%, further highlighting the influence of these large-scale investors on the market.

Despite the current optimism in the market, Bitcoin’s outlook remains uncertain, especially with the halving event expected to occur in April.

Recent data shows a decline in the amount of Bitcoin held by miners, signaling a potential headwind for Bitcoin’s price.

Since the beginning of 2024, miner reserves have decreased by 8,400 tokens, falling to levels last seen in June 2021.

The sale, which aims to strengthen balance sheets and finance growth ahead of an expected decline in mining rewards, underscores the challenges miners currently face.

As Bitcoin continues its volatile journey, market participants are following these developments closely, aware that the cryptocurrency landscape can change rapidly.

*This is not investment advice.