The post Massive Whale Transfer Sparks Buzz as Bitcoin Eyes New ATH—Will BTC Break Records This Weekend? appeared first on Coinpedia Fintech News
The Bitcoin price is trading around $109,100, close to its recent peaks above $110,300, as it attempts to rise above the latest selling pressure. Over the past 24 hours, the crypto has fluctuated between $108,800 and $110,550, reflecting modest but sustained volatility. Its weekly move is positive, up about 1.4%, driven by renewed institutional interest via US spot Bitcoin ETFs that attracted over $400 million in inflows, led by Fidelity’s FBTC. Along with the institutions, the whales are also seen preparing for a massive move, which could deeply impact the BTC price rally.
Dormant Whale Wakes Up As A Billion USDT Ready to Flood Into the Markets
As the Bitcoin price is displaying acute strength despite all the odds, the market conditions and sentiments are changing very often. The market participants continue to remain unsure of the price stability after the BTC price marks new highs, and as a result, the sentiments remain neutral. Meanwhile, some interesting transfers, minting and burning have occurred in the past 24 hours, which point towards an incoming volatility.
Whale Alert has been posting a series of such transactions that could change the course of the rally in the coming days.
Over 200 million USDC have been minted at the treasury, and more than 300 million have been transferred to Coinbase. Besides, a billion USDT has been minted at the Tether treasury, while 500 million XRP has been unlocked from the escrow to an unknown wallet. However, the main transfer that raised many eyebrows was the BTC whale waking up after a decade. After 14 years and 3 months, a dormant address with over 10,000 BTC has transferred all the cryptos to an unknown account.
Whenever long-dormant BTC wallets suddenly move, traders brace for potential volatility. Moves to the exchanges can trigger panic and selling, while on the contrary, spikes in the old wallet activity often line up with major bull runs, signalling cycle transitions or profit-taking by early adopters.
What’s Next for the BTC Price Rally? Will it $110,500 Resistance This Week?
The short-term price action suggests the bulls are falling weak as they approach the final resistance zone before the ATH. The token has been trying hard to pierce through the zone, but the bears are taking out the profit, causing the price to drop, preventing the breach. Now that the upward pressure has mounted, the BTC price is now feared to drop back to the local support below $107,000.
In the 4-hr chart, a clear rejection can be seen from the resistance zone between $110,025 and $110,563. Besides, the MACD is about to turn bearish as the levels are close to validating a bearish crossover. Meanwhile, the Stochastic RSI has already deviated lower, substantiating the bearish claim. Therefore, even though the price attempts a rebound, the lack of bullish strength could prevent a strong and sustained breakout above the range.
Hence, considering the current chart patterns and market conditions, forming a new ATH this week could be a tedious job for the Bitcoin (BTC) price rally. However, changes in the sentiment occur suddenly in the crypto space, which could squash the bearish dominance over the rally.
