Bitcoin whales have withdrawn hefty amounts of BTC from exchanges in the past three days. According to on-chain data, in the past 72 hours, more than 55,000 Bitcoins, valued at approximately $5.34 billion, have been taken out of exchanges.
The huge withdrawal comes at a time when Bitcoin prices have been trying to find directions in order to hit the important level of $100K.
At the press time, the OG-crypto currency is trading at $96,493.30, up nearly 0.11% as compared to the same time last day. The withdrawal might signal that investors are trying to book profits out of the overall rise that has happened since November 5, when the US 2024 election results came out.
Bitcoin Maintains Upwards Trend
Friday, November 29th saw Bitcoin maintaining its price trajectory. A similar kind of movement was seen on Saturday, November 30th, when BTC was trading upward , reaching $97,476.16, a 2.05% increase in just one day.
The cryptocurrency, which is frequently regarded as a gauge of the market for digital assets, has grown significantly in November and is currently on a trajectory that could put it over the historic $100,000 mark.
However, since the red and green trading momentum of the coin looks like a constant trend in the past week, investors are now wondering if the $100K mark will be achieved this year or if it will get dragged for the first month of 2025.
Bitcoin Technical Indicators Show Bullish Signals
At present, the market indicators for Bitcoin show a bullish seen. If this momentum does continue, the current Bitcoin price forecast indicates that by year end, the price of Bitcoin will have increased by 11.67% to $108,001.
The current investor sentiment is bullish, according to technical indicators, and the Fear & Greed Index is at 84 (Extreme Greed). Over the previous 30 days, Bitcoin experienced price volatility of 12.34% and 17/30 (57%) green days.
With 29 technical analysis indicators indicating bullish signals and 0 indicating bearish signals, the overall sentiment regarding the price prediction of Bitcoin is bullish. This monentum has been achived after a very long time, giving an idea that the bull run for Bitcoin has just started.
Additionally, market participants predict that Bitcoin’s 200-day SMA will increase over the course of the upcoming month, reaching $71,631.
An indicator that is widely used to determine whether a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum oscillator. The Bitcoin market is currently in a neutral position, as indicated by the RSI value of 69.34.