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A massive amount of 19,197 BTC worth $652 million recently made its way out of Binance all at once, triggering a curious reaction from Bitcoin investors. The timing of the transfer is interesting, as Bitcoin is currently trading in a range and is looking to break the $35,000 resistance level.\u00a0<\/span><\/p>\n The big question is whether the whale behind the transfer plans to hold or sell, but <\/span>recent price action<\/span><\/a> points to the former.<\/span><\/p>\n Recent data has shown<\/span><\/a> Bitcoin trading volume on crypto exchanges recently hit its highest point since March, as <\/span>trading activity increased<\/span><\/a> in the overall crypto market. Whale activity, in particular, has grown exponentially.\u00a0<\/span><\/p>\n Whale transaction tracker Whale Alerts has uncovered various large Bitcoin transactions coming into and going out of cryptocurrency exchanges. Most of these transactions have been BTC exodus into cold or unknown wallets.<\/span><\/p>\n \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 1,517 #BTC<\/a> (52,009,789 USD) transferred from #Bybit<\/a> to unknown wallethttps:\/\/t.co\/4klCQQj5O8<\/a><\/p>\n \u2014 Whale Alert (@whale_alert) October 30, 2023<\/a><\/p>\n<\/blockquote>\n \ud83d\udea8 \ud83d\udea8 1,105 #BTC<\/a> (38,199,041 USD) transferred from #BinanceUS<\/a> to unknown wallethttps:\/\/t.co\/NKzMkqT3Ce<\/a><\/p>\n \u2014 Whale Alert (@whale_alert) October 30, 2023<\/a><\/p>\n<\/blockquote>\n According to a post on social media platform X by @WhaleChart, there was a recent significant withdrawal of 19,197 BTC from Binance, the largest cryptocurrency exchange. This massive movement of digital currency has led analysts to speculate about the implications.<\/span><\/p>\n JUST IN:<\/p>\n 19,197 Bitcoin ($652M) has been withdrawn from Binance<\/p>\n \u2014 Whale (@WhaleChart) October 29, 2023<\/a><\/p>\n<\/blockquote>\n Some believe transactions like these signal that whales see bullish things ahead for Bitcoin and want to hold their assets using their own private keys.\u00a0<\/span><\/p>\n Now, while the whale tracker didn\u2019t provide the transaction address for an in-depth analysis, the transfer was probably into a cold wallet. This is most likely the case as on-chain data points to an ongoing intense buying pressure from the bulls to drive up Bitcoin\u2019s price.<\/span><\/p>\n When large amounts of BTC are moved off exchanges, it shows that investors are holding their coins long-term. At the time of writing, Bitcoin is trading at $34,611, and its price action is forming a flag in a 4-hour chart timeframe.\u00a0<\/span><\/p>\n Using the Fib indicator, a breakout above $35,000 puts the next target at $38,000. A more convincing breakout might bring the price of Bitcoin to $40,000. On the other hand, the creation of a lower low below $33,500 would render the flag invalid, and we\u2019d most likely witness a retracement from that point to $31,000.\u00a0<\/span><\/p>\n 4h $BTC<\/a><\/p>\n trying for a high n\u2019 tight flag here, breakout target is yearly pivot at 38k<\/p>\n inside the flag we\u2019ve got evidence for A&E and iH&S aka market refuses to break down<\/p>\n any new LL = flag is invalidated and we prob see retrace to 31k pic.twitter.com\/QLUXBFSDFj<\/a><\/p>\n \u2014 Josh Olszewicz (@CarpeNoctom) October 29, 2023<\/a><\/p>\n<\/blockquote>\n However, ongoing buying pressure <\/span>points to a bullish breakout<\/span><\/a> rather than <\/span>a bearish breakout<\/span><\/a>. According to Santiment data shared no X by crypto analyst Ali Martinez, Bitcoin whales have purchased over 30,000 bitcoins worth nearly $1 billion within the last five days.<\/span><\/p>\n #Bitcoin<\/a> whales have purchased over 30,000 $BTC<\/a> within the last five days, worth nearly $1 billion! pic.twitter.com\/oclJBY5j6a<\/a><\/p>\n \u2014 Ali (@ali_charts) October 28, 2023<\/a><\/p>\n<\/blockquote>\n Also, <\/span>historical data points to an average price jump<\/span><\/a> of 43% in November for Bitcoin. A similar jump in the coming month would see Bitcoin increase to around $48,000.<\/span><\/p>\n<\/p>\n Featured image from iStock, chart from Tradingview.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" A massive amount of 19,197 BTC worth $652 million recently made its way out of Binance all at once, triggering a curious reaction from Bitcoin investors. The timing of the transfer is interesting, as Bitcoin is currently trading in a range and is looking to break the $35,000 resistance level.\u00a0 The big question is whether […]<\/p>\n","protected":false},"author":2,"featured_media":183710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-183709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=183709"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183709\/revisions"}],"predecessor-version":[{"id":183712,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183709\/revisions\/183712"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/183710"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=183709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=183709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=183709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Massive Amount Of BTC Leaves Binance<\/h2>\n
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Trigger For Bitcoin Recovery?<\/h2>\n
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BTC price at $34,556 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n