Bitcoin (BTC) Price Primed for Big Moves as Whales Accumulate and Technicals Turn Bullish, Analyst Says

Bitcoin (BTC) price's recent rise to $62,229.50 shows strong potential for further gains, supported by technical indicators and institutional interest.

Bitcoin price increased by 6.87% last week and surpassed the $62,000 level on September 18. This increase attracted the attention of market observers, especially with the renewed interest of large investors. CryptoQuant founder Ki Young Ju shared insights into these movements, pointing out that the increase in Bitcoin whale accumulation is a key factor.

Bitcoin Whale Activity Shows Long-Term Optimism

Ki Young Ju noted an increase in the flow of Bitcoin, which institutions generally use for safe and long-term storage. These wallets have seen an increase in inflows, indicating that big players are positioning themselves as they believe another big price move could happen.

The accumulation trend is in line with the market's recent bullish momentum, fueling speculation that these whales are waiting for the Bitcoin price to rise further.

Ju's analysis reveals that institutional investors are confident in the future of Bitcoin despite the market's volatility since March 2024. Bitcoin price rose from $58,909 at the beginning of the month to $59,530.

Although it briefly dropped to $53,940 on September 9, the strong buying pressure from whales and institutions pulled the price up again, strengthening the market's upward trend.

Dormant Wallets Reactivated, Creating Pressure

Recently, 203 BTC worth $12.18 million were transferred from dormant wallets to Binance. These wallets, which have been dormant for more than a year, originally purchased Bitcoin between March and August 2023 and made a profit of $6.89 million from the sale.

Such transfers of large amounts to the exchange often signal selling, which can increase market volatility as traders react to increased supply.

In addition, crypto asset management company Ceffu also transferred a significant amount of Bitcoin and Ethereum to Binance, leading to speculation of potential selling pressure from long-term holders.

In another example, Whale Alert reported that a wallet that had been dormant for over 10 years had been reactivated. The wallet contained 146 BTC, currently worth $8.09 million. In 2013, these coins were worth just $80,257, representing a staggering increase of 9,985%.

With the active participation of institutional investors and the revival of dormant wallets, the market is closely watching whether Bitcoin can maintain its upward momentum.

BTC Ready for Big Moves as Technical Indicators Become Bullish, Analyst Says

Bitcoin (BTC) price's recent rise to $62,229.50 indicates the potential for further gains, supported by technical indicators and institutional interest. The upcoming intersection of the 50-day and 200-day Exponential Moving Averages (EMA) signals a continued uptrend.

Moreover, the Relative Strength Index (RSI), currently at 46.79, remains below the overbought threshold, indicating that there is enough room for the price to rise without the market becoming overextended.

Bitcoin price stabilizing above the key 0.5 Fibonacci retracement level at $57,688.42 provides solid support that strengthens the bullish outlook. A sustained move above this level could see Bitcoin targeting the 1.618 Fibonacci extension at $63,998.99.

According to cryptocurrency analyst Rekt Capital, Bitcoin closed above the critical support level last week

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