Bitcoin whales jump at the chance to buy cheap BTC with spot sellers showing knee-jerk reactions in a choppy trading environment.
Bitcoin BTC $59,739 retargeted $60,000 on Aug. 29 after as markets emerged from a fresh bout of impulse selling.
Binance sheds 45,000 BTC
TradingView showed that BTC price action matched a two-week low of $57,900 on Bitstamp before rebounding.
BTC/USD came under pressure the day prior, with market participants attributing weakness to spot selling on largest global exchange Binance.
The exchange became involved in controversy involving funds by users in Palestine, with United States trading hours in particular seeing a pronounced spike in the sell-off.
Data from monitoring resource CoinGlass recorded a snap 45,000 BTC decrease in Binance’s BTC balance.
Michaël van de Poppe, founder and CEO of trading firm MNTrading, thus predicted a retreat to as low as $56,000, arguing that the loss of the $61,000 mark on lower timeframes was “crucial.”
More encouraging signs came from large-volume investors, with analytics platform Lookonchain highlighting a whale buy worth nearly $60 million.
At around $59,000, research Santiment noted previously, buying the dip was already “just fine” for the whale and shark hodler cohorts.
“Over the past month, wallets with 10-10K BTC have collectively accumulated 133.3K more coins while smaller traders continue to impatiently drop their holdings to them,” it revealed in part of a post on X.
Bitcoin retests long-term “confluent support”
For popular trader and analyst Rekt Capital, BTC/USD continued a weekly consolidation pattern within a narrowing wedge, looking ripe for a breakout.
“Bitcoin has indeed developed a Higher Low (light blue) and maintained itself above the Weekly level (black; $55737),” he explained alongside a chart on the day.
“More, Bitcoin has since formed a base at an even higher Weekly level (~$58,000) which is acting as confluent support this week. This confluent support is being retested as we speak.”
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