Just a few hours ago, a large Bitcoin whale deposited approximately $72 million worth of 778 BTC to the Kraken exchange. Despite significant transfers recently, this whale still holds 24,665 bitcoins worth around $2.27 billion. Constant deposits to Kraken could be a potential strategy to liquidate assets due to market fluctuations or unknown factors. Such massive sales usually lead to price decreases and worsen Bitcoin’s situation. Presently, Bitcoin’s price has reached around $93,000 with a 0.35% increase in the past 24 hours, showing minimal fluctuations. Technical analysis indicates a short-term difficulty continuation as Bitcoin’s price falls below the 50-day moving average curve. The next support level, the 200-day moving average, is around $76,160. Breaking this level will bring more selling pressure on Bitcoin, intensifying with whale activities like recent ones. Although recent activities signal short-term pessimism, Bitcoin remains a strong asset in the long run. A typical market rally after the New Year could help Bitcoin return to key support levels. However, the continuation or reduction of these massive sales in the coming weeks will significantly impact the market trend. Currently, traders and investors should pay special attention to the support level of $85,456 and resistance level of $96,471. As we enter 2025, stable movements above or below these levels will determine Bitcoin’s path. Visit the live digital currency price page to monitor all token and cryptocurrency prices in real-time.
