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18 August 2022
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Bitcoin Market Update: Whales moved $125 million in BTC from Binance within 24 hours

  • Bitcoin whales performed ten transactions in the last 24 hours.
  • BTC/USD retreated from the recent high to trade at $9,500.

An increased network activity has been registered on Bitcoin blockchain in the recent 24 hours. Whales performed ten transactions totaling 29,986 BTC ($287.9 million), the cryptocurrency analytical service Whale Alert reported.

Three transactions worth 13,049 BTC ($125.7 million) were sent from the cryptocurrency exchange Binance to anonymous addresses. Another four transfers worth 10,294 BTC ($99.1 million) were made from unknown wallets to Binance and OKEx exchanges. The last three transactions were made between cryptocurrency addresses and custodial services.

The largest transaction of 5864 BTC ($56.4 million) was made from an anonymous wallet to Binance. The smallest 1143 BTC ($11 million) was sent from the Xapo exchange to an unknown address.

Large transactions between exchanges and unknown wallets are nothing new. At the end of May, Bitcoin whales moved 17,320 BTC from cryptocurrency exchanges in a few hours. In mid-May, a few days after halving, users had withdrawn from the stock exchanges $233 million.

BTC/USD: Technical picture

At the time of writing, BTC/USD is hovering below $9,400, down 2.6% since the start of the day. The coin touched the recent high of $9,700 on Monday, June 22, but failed to hold the ground and retreated to $9,294 ahead of the US opening, amid the sell-off on the global stock markets. Despite the recovery, BTC/USD is still moving with a short-term bearish bias amid low volatility.

On the daily chart, BTC/USD dropped below daily SMA50 currently at $9,450. The sell-off is likely to gain traction with the next focus on $9,270 (the lower border of the recent consolidation channel) and $9,000, followed by $8,899 (the lowest level since June 15).

On the upside, a sustainable move above $9,600 is needed to bring the recovery back on track. The next local resistance is created by the weekly high of $9,700, though the ultimate barrier comes at $10,000. According to Mike Novogratz from Galaxy Digital, this barrier is pivotal for Bitcoin’s further recovery.

BTC/USD daily chart

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