- Bitcoin faces bearish pressure, hitting a 12-day low.
- Whale activity involves large BTC transfers to Binance amid declining prices.
Bitcoin has been under heavy bearish pressure over the past three days, hitting a 12-day low of $57,860 yesterday. Currently trading at $59,978 with a 0.19% decline, Bitcoin’s trading volume is down by 24%. Over the past month, the cryptocurrency has seen a 14% decline. Amid this downturn, significant whale activity has been observed.
Today, a whale transferred 1,700 BTC, valued at $99.9 million, to Binance just 20 minutes ago. Following today’s price drop, the same whale moved an additional 3,500 BTC ($206 million) to Binance at an average price of $58,891. The whale currently holds 4,368 BTC, worth approximately $256 million.
Moreover, on July 4, this whale or institution deposited 1,800 BTC ($106 million) to Binance. In that week alone, the whale deposited a total of 5,281 BTC ($323 million) to the exchange at an average price of $61,196, holding 6,068 BTC ($358 million) at the time. The BTC price dropped from $63,800 to $63,000 following these deposits, resulting in a 3.2% correction within 24 hours.
What is the Bitcoin Whale Strategy?
On July 2, another deposit of 1,800 BTC ($114 million) was made by the whale, right before Bitcoin’s price fell from $63,800 to $63,000. Notably, this whale withdrew 6,725 BTC ($437 million) from Binance and OKX between June 19 and 21 at around $65,000.
As the BTC price continued to decline at that time, the whale appeared to have shifted to a bearish stance, transferring 3,481 BTC ($217 million) to Binance over five days at approximately $62,300.
Looking ahead, Bitcoin could face further pressure, with the next support level around $58,300. However, if it gains upward momentum, resistance could be tested at approximately $60,580.
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