Crypto Investors Buy $4.16 Billion Worth of Bitcoin, What’s Next?
Zameer Attar8 Nov 20242 min read
After pro-crypto Donald Trump won the presidential election in the United States, sentiment across the cryptocurrency landscape shifted, leading to a notable market rally. Amid this, Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has reached a new all-time high and is now approaching $80,000.
$4.16 Billion Worth Bitcoin Acquisitions
On November 8, 2024, a prominent crypto expert made a post on X (previously Twitter) that whales, institutions, and retail investors have made significant bets on BTC. According to the post, nearly 57,800 BTC, worth $4.16 billion, has been acquired by crypto enthusiasts over the past few days.
Of this significant withdrawal, over 24,000 BTC, worth $1.80 billion, have been accumulated from crypto exchanges over the past 72 hours.
This significant acquisition at its all-time high suggests a strong rate of adoption, with investors and traders showing confidence in both Trump and BTC.
Exchange Reserve
In addition to this significant asset withdrawal, Bitcoin’s exchange reserve across all exchanges has dropped to its lowest in the past 30 days, indicating a bullish outlook. This data suggests that as sentiment has shifted to bullish, crypto enthusiasts are heavily accumulating the token with minimal selling, which is a positive sign for the long term.
Bitcoin Technical Analysis and Upcoming Levels
According to expert technical analysis, BTC appears bullish and is nearing its all-time high of $76,850. Since the election results were announced, BTC has recorded a continuous gain of over 12.7% over the past four days without any price correction. This sustained price surge in BTC may lead to some degree of price correction in the coming days.
However, the current support for BTC is at the $73,940 level. As of now, the asset is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Additionally, the recent MVRV Deviation pricing band suggests that Bitcoin could reach the $85,360 level if it maintains support above the $71,789 level.
At press time, BTC is trading near $75,980 and has experienced a price surge of 1.3% over the past 24 hours. During the same period, its trading volume dropped by 13%, indicating lower participation from crypto enthusiasts compared to previous days.
