Whales Continue to Spend $283 Million Buying BTC Despite High Prices
Bitcoin approaches $100,000 mark: Whales pour in hundreds of millions of dollars, market bustles waiting for new record.
Bitcoin (BTC) , the world's largest cryptocurrency, is approaching the historic $100,000 milestone after hitting an all-time high of $98,988 on November 22, 2024 .
In just the past 24 hours , Bitcoin price has increased by more than 5% , causing market sentiment to shift sharply to optimism .
Whales lead the bullish wave
Amid the price surge, “whales” – large investors – are actively buying Bitcoin. According to Lookonchain, in just 12 hours , nearly 2,895 BTC , worth about $283 million , were purchased by whales from the Binance exchange.
This is one of the clear signals showing strong accumulation from large investors as Bitcoin continues to break out.
Why Bitcoin is booming
Bitcoin price increased strongly thanks to many supporting factors:
Market sentiment is turning positive.
Massive buying from institutional investors and whales.
The impact of SEC Chairman Gary Gensler's resignation brings expectations of a more crypto-friendly regulatory environment.
Bitcoin is currently trading around $98,600 , with trading volume up nearly 50% , showing strong interest from both individual and institutional investors.
Road to $100,000
According to technical analysts, Bitcoin is maintaining an uptrend and fluctuating between $96,320 – $98,100 .
If it breaks $98,100 and stays above it, Bitcoin could potentially hit $100,000 in the next few hours.
Indicators like the 200 EMA on the daily chart and the RSI both show that the uptrend is still strong, opening the door for Bitcoin to set a new record.
Bitcoin is not just a digital asset, but also a measure of investors' confidence in a decentralized future. Will $100,000 be just a short stop on the journey to conquer new heights? Let's wait and see.