As of the latest update, Bitcoin is trading at $60,167 showing a slight 24-hour increase of 0.17% and with a market cap of $1.2 trillion. Trading volume over the last 24 hours has seen a drop of 24.31% amounting to $33.8 billion.
According to Whale Alert, 7,999 BTC, valued at $472.8 million was withdrawn from an exchange's cold wallet and distributed across multiple transactions.
The massive transfer initially targeted an address coded "13F8P8" before being further divided into 50 separate unknown addresses, each receiving exactly 157 BTC (worth about $9.27 million at current prices). While the purpose behind this substantial movement remains unclear, speculation is rife within the crypto community. Some experts suggest it could be linked to major institutional players like BlackRock, potentially accumulating cryptocurrency despite recent market volatility.
Bitcoin's is trading within a bullish flag pattern, a formation often associated with continuation in the prevailing trend. For the bullish momentum to gain further momentum and confirmation, Bitcoin needs to break and close above the bullish flag resistance.
On higher timeframe, the next target lies around the $68K mark, coinciding with the bullish flag resistance. A successful breach of this level could pave the way for a substantial rally, potentially pushing Bitcoin towards the much-anticipated $100K.
Zooming in on the 4-hour chart, recent price action has shown promising signs of bullish momentum building up. After finding support at $58,000 level, Bitcoin has posted several 4-hour positive candles.
The immediate resistance to watch is the $61,500 zone, where a previous sell-off occurred two days ago. A break above this level could set the stage for a move toward the recent high of $65,500 before challenging the flag resistance at $68,000.
Technical indicators are also showing a cautiously optimistic picture. The RSI on the 4-hour chart has climbed to 40 after trading in oversold territory in the last few days, suggesting a potential shift in momentum.
Data from Coinglass reveals that long positions have outnumbered shorts in the past 24 hours, further supporting the bullish narrative.
Market observers are keeping a close eye on global liquidity trends, with reports from a recent tweet indicating that the global M2 money supply has reached a new all-time high of $95 trillion. Historically, Bitcoin has shown a strong correlation with global liquidity measures, leading some analysts to project potential price targets as high as $125,000 in the near future.
The interplay between large transfers, technical patterns and macroeconomic factors will likely play a crucial role in determining Bitcoin's next major move.