- Bitcoin (BTC) is accumulating and experiencing resistance near $47,000.
- The first major support level of BTC is nearly $45,500.
- The third-largest bitcoin address added 456 BTC on January 4th.
The crypto giant Bitcoin (BTC) is accumulating and experiencing resistance near $47,000, even other altcoins are also facing the same. The third-largest Bitcoin whale found to return from the holidays and has just made the first significant purchase of 2022.
Accordingly, as per CoinMarketCap, Bitcoin (BTC) price is trading at $46,396.56 with 24-hour trading volume of $29,269,331,822. The circulating supply of BTC is 18,920,593.00 BTC. Currently, the market cap stands at $884.3 billion, resulting in a gain of 39.39%.
Furthermore, if the breakout of bitcoin happens above the 47,000 resistance zone and the trendline could start a strong recovery. We can expect the next major resistance level Bitcoin will be $48,000 level. However, if the Bitcoin (BTC) price fails to recover above $46,500, then it will start to move down gradually. Because the immediate support level is near the $46,000 zone.
Even more, the first major support level of BTC is nearly $45,500. If BTC touches this level then we can expect a bearish trend in Bitcoin for the next few days. BTC remains at a risk of a sharp decline if it fails to stay above the $45,500 support zone.
Furthermore, as mentioned at the beginning, the third-largest bitcoin address added 456 BTC on January 4th at an average price of $46,363. Approximately, the purchase estimated to be valued at nearly $21 million. This founds to the first siginifcant purchase, even the whale purchase 6 BTC 55 minutes into the new year.
Moreover, as per the crypto analyst, Mark Cullen, large wallet investors are causing Bitcoin’s price to fall. In one of the most popular exchanges, FTX nearly 3600 Bitcoins were sold. The analyst believes that huge wallet investors are attempting to drop the Bitcoin price.
