Bitcoin Sees Surge In Whale Activity, Will This Affect Price?

Recent reports have revealed that Bitcoin (BTC) is experiencing a significant surge in whale activity, which has since caused quite a stir in the entire crypto community.

Bitcoin Experiences Surge In Whale Transactions 

According to Whale Alert, Bitcoin has been displaying a surge in whale transactions over the past 24 hours.  The crypto tracker recently revealed several whale transfers from unknown wallets to crypto exchanges such as Binance and Coinbase. 

The report shows that Binance amassed a whale inflow of over $67 million from the transfers. Meanwhile, Coinbase amassed a whale inflow valued at over $310 million from the transfers.

A recent transaction of 781 BTC was reported by Whale Alert, which came from four distinct cryptocurrency wallets. However, about 658 BTC were seen transferred directly to Binance.

In addition, early on Wednesday morning, a different unknown wallet sent 499 BTC to Binance. This move is worth almost $20.6 million as of the time of the transaction.

The most recent whale activity reported by the crypto tracker shows that about 500 BTCs were transferred into Binance. As of the time of the report, the transaction was valued at $20.5 million.

For Coinbase, the tracker revealed a whopping 7,515 Bitcoin that was transferred by unknown wallets to the crypto exchange. The first transaction saw about 2,510 BTC, valued at $104.2 million sent from an unknown wallet 1xkfCoJyCZ…Ur7bZJWuXJ to Coinbase. The second whale transaction witnessed 2,494 BTC transferred by another different wallet to the crypto platform. 

Meanwhile, the last whale transaction from the anonymous wallet 15LhEQYPdK…88T9kLM55m transferred 2,511 BTC to Coinbase. Nonetheless, the crypto tracker has reported that these BTCs have been moved from the exchange to several wallets.

So far there is no solid evidence that these whale transactions have had any effect on the price of Bitcoin. 

Support Levels To Watch Out Says Analyst

Cryptocurrency analyst Ali Martinez has recently shared key levels to watch out for concerning the crypto asset. The analyst took to X (formerly Twitter) to share these crucial support levels for the crypto community and investors.

Ali asserted that BTC will find solid support between $37,150 and $38,360 should in case a deep correction occurs. He further added that the zone is backed by 1.52 million addresses holding about 534,000 BTC.

Furthermore, he highlighted two resistance walls that could oppose the crypto asset’s upward rally. The first resistance wall is $43,850, while the second wall is $46,400.

Currently, BTC is sitting at $41,380, indicating a 1% decline in the last 24 hours as of the time of writing. Its market capitalization is currently valued at approximately $809 billion, indicating the same percentage decline, according to CoinMarketCap.

Featured image by iStock, chart by Tradingview.com

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