A Bitcoin whale, quiet for two years, recently made a huge move, buying 250 BTC for roughly $26.37 million. This has everyone talking.
A Whale Awakens
This wasn’t just any purchase. This specific Bitcoin wallet hadn’t shown any activity in two years! The last time it moved, it withdrew 500 BTC from Gemini in 2022 when Bitcoin was around $27,400. That was a $14 million move then. Now, with Bitcoin around $105,000, that same whale is sitting on an unrealized profit of over $39 million!
Early Bird Gets the Bitcoin
This whale’s earlier moves highlight the incredible gains possible in Bitcoin. Their 2022 withdrawal came right before a massive price surge, with Bitcoin climbing almost 300% since then. While this kind of profit is rare, it’s got smaller investors wondering what’s next. Some believe this large purchase could trigger a wave of optimism, leading other traders to jump in.
What Do the Charts Say?
Bitcoin’s chart is showing a possible “inverse cup-and-handle” pattern, with major support around $100,800. A drop below that could send Bitcoin down to $91,000. The RSI (Relative Strength Index) is at 52, suggesting bullish momentum is weakening. A drop below 50 could mean more selling. For Bitcoin bulls to regain control, it needs to break above the 20-day EMA (Exponential Moving Average), which is just above $105,000.
Recent Market Mayhem
Last week saw some serious price swings, partly due to the online feud between Donald Trump and Elon Musk. Bitcoin briefly dipped below $101,000, causing nearly $1 billion in liquidations in futures markets. However, it quickly recovered to above $105,000. A miner capitulation signal was also spotted, suggesting tough times for some miners but potential for future price increases.
