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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    Ethereum Collections Lead NFT Sales Today

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    Cracking China’s Blockchain Gaming Market: Why Shrapnel Chose GalaChain

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    Shrapnel to Leave Avalanche in New Partnership with Gala Games

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    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

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    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

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  • Blockchain
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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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  • AI
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    ChatGPT is a tad too enthusiastic about Ethereum’s prospects

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    What’s the Difference & Which Is Better to Trade?

    Think Your Cold Wallet Is Safe? Not If You Make These 7 Mistakes

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    What Is Copy Trading in Crypto? A Beginner’s Guide

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    What Is Crypto Staking? How to Earn Crypto by Holding It

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  • Analysis
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Home Altcoins

19,197 BTC Makes Its Way Out Of Binance, Trigger For Bitcoin Recovery?

October 30, 2023
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19,197 BTC Makes Its Way Out Of Binance, Trigger For Bitcoin Recovery?
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A massive amount of 19,197 BTC worth $652 million recently made its way out of Binance all at once, triggering a curious reaction from Bitcoin investors. The timing of the transfer is interesting, as Bitcoin is currently trading in a range and is looking to break the $35,000 resistance level. 

The big question is whether the whale behind the transfer plans to hold or sell, but recent price action points to the former.

Massive Amount Of BTC Leaves Binance

Recent data has shown Bitcoin trading volume on crypto exchanges recently hit its highest point since March, as trading activity increased in the overall crypto market. Whale activity, in particular, has grown exponentially. 

Whale transaction tracker Whale Alerts has uncovered various large Bitcoin transactions coming into and going out of cryptocurrency exchanges. Most of these transactions have been BTC exodus into cold or unknown wallets.

🚨 🚨 🚨 1,517 #BTC (52,009,789 USD) transferred from #Bybit to unknown wallethttps://t.co/4klCQQj5O8

— Whale Alert (@whale_alert) October 30, 2023

🚨 🚨 1,105 #BTC (38,199,041 USD) transferred from #BinanceUS to unknown wallethttps://t.co/NKzMkqT3Ce

— Whale Alert (@whale_alert) October 30, 2023

According to a post on social media platform X by @WhaleChart, there was a recent significant withdrawal of 19,197 BTC from Binance, the largest cryptocurrency exchange. This massive movement of digital currency has led analysts to speculate about the implications.

JUST IN:

19,197 Bitcoin ($652M) has been withdrawn from Binance

— Whale (@WhaleChart) October 29, 2023

Some believe transactions like these signal that whales see bullish things ahead for Bitcoin and want to hold their assets using their own private keys. 

See also  AVAX fails to perform despite this bullish trigger

Now, while the whale tracker didn’t provide the transaction address for an in-depth analysis, the transfer was probably into a cold wallet. This is most likely the case as on-chain data points to an ongoing intense buying pressure from the bulls to drive up Bitcoin’s price.

Trigger For Bitcoin Recovery?

When large amounts of BTC are moved off exchanges, it shows that investors are holding their coins long-term. At the time of writing, Bitcoin is trading at $34,611, and its price action is forming a flag in a 4-hour chart timeframe. 

Using the Fib indicator, a breakout above $35,000 puts the next target at $38,000. A more convincing breakout might bring the price of Bitcoin to $40,000. On the other hand, the creation of a lower low below $33,500 would render the flag invalid, and we’d most likely witness a retracement from that point to $31,000. 

4h $BTC

trying for a high n’ tight flag here, breakout target is yearly pivot at 38k

inside the flag we’ve got evidence for A&E and iH&S aka market refuses to break down

any new LL = flag is invalidated and we prob see retrace to 31k pic.twitter.com/QLUXBFSDFj

— Josh Olszewicz (@CarpeNoctom) October 29, 2023

However, ongoing buying pressure points to a bullish breakout rather than a bearish breakout. According to Santiment data shared no X by crypto analyst Ali Martinez, Bitcoin whales have purchased over 30,000 bitcoins worth nearly $1 billion within the last five days.

#Bitcoin whales have purchased over 30,000 $BTC within the last five days, worth nearly $1 billion! pic.twitter.com/oclJBY5j6a

— Ali (@ali_charts) October 28, 2023

Also, historical data points to an average price jump of 43% in November for Bitcoin. A similar jump in the coming month would see Bitcoin increase to around $48,000.

See also  Bitcoin gains 9% post-halving: What will take BTC to $150K this cycle?

Bitcoin price chart from Tradingview.com

BTC price at $34,556 | Source: BTCUSD on Tradingview.com

Featured image from iStock, chart from Tradingview.com

Tags: BinanceBitcoinBTCrecoverytrigger

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