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Two Whales Transfer Over 400 BTC to Binance as Bitcoin Surpasses $60K: Lookonchain

AuthorSyed Ali Haider
Crypto News Author
Fact Checked by Wajeeh Khan
Last updated: September 14, 2024
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Two Whales Transfer Over 400 BTC to Binance as Bitcoin Surpasses $60K: Lookonchain

Highlights:

  • Two dormant whales become activated and transfer BTC to Binance as BTC surpasses $60K on Saturday.
  • Institutional involvement and significant whale transactions suggest the potential for higher gains.
  • Analysts predict a pivotal moment ahead, with resistance levels shaping Bitcoin’s next move.

Amid Bitcoin’s recent surge past $60K on Saturday, Bitcoin whales have drawn renewed focus. As per data streamlined by the tracker Lookonchain on X, dated September 14, seven previously dormant wallets linked to a whale, inactive for nearly a year, have come back to life. These wallets secured a $6.89 million profit by transferring 203 BTC to Binance.

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The whale had acquired 203 BTC ($5.29M) at $26,047 each between March 10 and August 7, 2023. This notable activity has drawn significant interest from investors in the leading cryptocurrency. The whale now holds 10,043 BTC, valued at $603.84 million. This significant holding fuels optimism about Bitcoin’s long-term prospects.

At the same time, another swing trader transferred 205 BTC to the same exchange during Bitcoin’s $60K surge, earning a $2.36 million profit. These transactions highlight Bitcoin’s potential for substantial returns.

Lookonchain’s data also showed that a whale acquired 1,062 BTC, valued at $63.96 million, as Bitcoin surpassed $60K in the past day. This substantial purchase has further boosted optimism about the coin’s future price movements.

BTC Surpasses $60K Again: Analyst Says ‘This Time is Different’

BTC was trading at $60,034 at press time, up nearly 3.52% in the past 24 hours. Bitcoin has recaptured the key $60,000 mark for the first time since August 30, and the growing interest from institutional investors suggests that this moment is particularly significant, according to a crypto analyst.

BTC CHART
Source: CoinMarketCap

“This time is different,” crypto analyst Rajat Soni stated in a September 13 X post. Soni noted that Bitcoin has been “consolidating above” $50,000 for over six months. The last time Bitcoin was above $50,000 was in 2021, when interest came mainly from “retail investors who are notorious for buying and selling based on emotions.”

Soni suggested that institutional investors are now active and prepared to buy up everything that retail investors are looking to sell. He cautioned his 96,900 followers, “If you’re selling, be ready to pay significantly more to get the same amount back.”

Following Bitcoin’s rise above $60,000, pseudonymous crypto trader Jelle suggested that the asset might break its typical trend of underperforming in September. “Bitcoin is currently on track to close September in the green,” Jelle wrote. 

He noted that it has only closed in September positively three times before: in 2015, 2016, and 2023. CoinGlass data reveals that September is the worst month for Bitcoin, with the asset experiencing an average monthly loss of 4.49% over the past 11 years.

Bitcoin Nears Critical Resistance: $64K Target or $57K Pullback Ahead

A recent update from crypto market analyst Ali Martinez points out that Bitcoin is approaching a ‘critical resistance zone.’ Importantly, 1.52 million addresses collectively hold over 770,000 BTC within the price range of $59,885 to $61,625, creating a crucial level that could impact market dynamics. Ali further noted that if Bitcoin surpasses this resistance, a price target of $64,300 could be on the horizon. Conversely, failing to break through could lead to a pullback to $57,235.

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