PakGazette – Just three hours ago, a major whale made another headline by depositing 778 BTC, or approximately $72 million, into Kraken. Since the whale has deposited 3,038 BTC worth around $286 million on the exchange since December 20, which coincided with the most recent market crash, this activity follows a regular pattern. Even with these substantial withdrawals, the whale still has a sizable holding of 24,665 BTC, worth around $2.27 billion.
Since whale activity has the ability to affect market sentiment and price direction, it should not be ignored. Steady deposits on Kraken suggest a possible liquidation strategy, possibly in anticipation of market volatility or other unidentified factors. These types of large sales often cause prices to drop, adding to Bitcoin’s already difficult situation.
The current price of Bitcoin is $92,367, indicating a slight daily decline of 1.1%. Low volatility is indicated by price consolidation over the last day, which has been between $91,375 and $94,838. Since December 20, there has been notable downward pressure on the monthly chart, making it difficult for Bitcoin to stay afloat. Technically, Bitcoin has fallen below its 50 EMA, a bearish indication that suggests further difficulties in the short term.
Around $76,160, at the 200 EMA, is the next significant support. If this level fails, there may be more selling pressure on Bitcoin, which would be worsened by whale activity like we have seen. Long-term Bitcoin remains a solid asset, although current activity suggests short-term pessimism.
Bitcoin may get the boost it needs to regain its footing above important support levels thanks to the broader market’s usual recovery after the New Year. However, it will determine a lot whether these sell-offs continue or slow down in the coming weeks. From now on, traders and investors should closely monitor $85,456 as a crucial support level and $96,471 as an immediate resistance level. As we enter 2025, Bitcoin’s trajectory will likely be determined by a sustained move above or below these levels.
