Just-In: Whales Move Over 15K Bitcoins (BTC) In A Day
Bitcoin (BTC) price successfully surpassed over $20K to hit a high of $20,702 in the last 24 hours. Several factors influenced the Bitcoin rally including favorable macroeconomic conditions, the U.S. Dollar Index dropping to 110, and a rise in whale accumulation. The BTC price is currently trading at $20,623, up 7% in a day.
Bitcoin Surpass $20K as Whales Moves 15K BTCs in a Day
According to Whale Alert, whales moved over 15K bitcoins in the last 24 hours, which caused the BTC price to surpass $20K. The platform recorded 8 whale transactions accounting for moving nearly 10,000 BTC from crypto exchanges FTX and Coinbase in the last 24 hours. In the latest transaction, a whale has withdrawn 1,389 BTC worth nearly $29 million from FTX.
A whale also moved nearly 5,444 BTC to another wallet address. The transaction details also show another 969 BTC moving to the wallet address.
Several factors influenced whales to make massive BTC withdrawals from crypto exchanges. Pro-crypto Rishi Sunak became UK Prime Minister, and lawmakers also voted to recognize Bitcoin and crypto as regulated financial instruments. Sunak wants to make the UK the crypto hub of the world.
Moreover, the U.S. Dollar Index (DXY) also fell over 0.70% to 110 in the last 24 hours. Also, the CME FedWatch Tool shows a 95.7% probability of a 75 bps rate hike at the next FOMC meeting on November 2.
Meanwhile, the U.S. Treasury is preparing to supply the market with short-term treasury bills to overcome the shortage. Thus, the favorable macro conditions caused whales to accumulate Bitcoin at low levels.
BTC Price Soars 7%
Bitcoin price skyrocketed over 7% in the last 24 hours, with the current price trading at $20,550. The 24-hour low and high for Bitcoin are $19,325 and $20,702, respectively. The trading volume has also jumped over 170% in the past 24 hours.
According to crypto analyst Michael van de Poppe, Bitcoin has successfully breakout above the psychological resistance level and the next resistance is at $22.4k. However, the BTC price will first consolidate below $20.7K before moving upwards.
Another popular analyst believes it may not be the bottom for Bitcoin, but a further upside move will negate bears and bulls may take charge.
- Polymarket Hits $20B in Trading Volume, Announces Plans for Massive POLY Token Airdrop
- James Wynn Takes XRP Long Bet After Ripple Prime Announcement
- Nasdaq-Listed Bonk Holdings Makes First Major Purchase of $32M, Nears 3% of Total Supply
- Binance-based Meme Coin GIGGLE Fund Shoots 145% on Exchange Listing News
- ASTER Gets Major Boost as Project Launches Token Buyback Program, Expert Predicts $10 Spike
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
