Bitcoin Price Consolidates around $100K as a Recognized Whale Makes Another Large Purchase

The Bitcoin market has had recent trading sessions with large-scale investors making large purchases with BTC price showing remarkable gains.

A large-scale investor just made another massive purchase of 1,000 BTC in a single transaction. The total cost of the acquisition amounted to approximately $101 million at an average price of $96,794 per BTC. This marks the second large purchase by the same investor in the past two days.

The recent trading sessions have seen large-scale investors making significant purchases, driving BTC price to remarkable gains. Notably, one Bitcoin whale just invested in another 1,000 BTC, valued at about $101 million. This investor had already made a similar large transaction two days ago.

In particular, this acquisition saw an addition of 1,000 BTC at an average price of $96,794, bringing the total cost to approximately $96.8 million. The purchase was made at prices ranging from $96,643 to $96,962 per BTC.

This move by the whale suggests a possible anticipation of further gains to come, as evident by the continuous buying spree in the market.

BTC price has shown remarkable stability recently, hovering around the $100,000 mark. This comes after a period of intense volatility, where the cryptocurrency experienced both rapid ascents and descents, often followed by sharp corrections.

However, despite the recent consolidation, BTC price still managed to post gains of about 9% over the past week. Notably, the price found support at $98,000 and encountered resistance at $104,000.

One analysis highlights that the $100,000 consolidation point indicates a strong presence of buyers at this level, preventing further drops and setting a new baseline for potential upswings.

One expert analysis notes that the market is currently experiencing “full euphoria.” While the market has seen positive movement, it could be over-bull, especially in the short term.

The expert points out “fake outs” that could be indicating a breakout, break of resistance, or break down at support that didn’t hold. According to them, the recent recovery given seems to be the fake out and if so, it appears it happened below a support level luring bears just before moving back up.

The expert’s chart shows BTC price approaching a resistance zone at $104,285.37 in the latest rally. After a dip, the price came back to consolidate at a support level of $101,901.83.

This resistance could mark a turning point for the projected rally to $110,000.

After the rapid ascents and descents in earlier months, Bitcoin is now trading within a wider price range of this psychologically significant price point with reduced volatility. Notably, this behavior indicates a growing maturation of the market.

This shift is characterized by less panic selling and more strategic buying, as participants adjust to Bitcoin trading at ever higher baseline prices.

On 1 hour BTC/USD charts we can see the current price at around $100,093.90, having recently hit $100,349.77 and $100,008.85 low. The chart above shows a consolidation zone where Bitcoin price ranges between approximately $100,000 and $101,000.

During this period, the price remained stable within that narrow range without bulls or bears taking charge for a period of indecision from the traders.

The stables are relatively low volumes at the bottom of the chart with a few spikes and peaks. The green bars denote buying volume and the red represents selling volume. More notably, the selling volume has been relatively light and could be a good sign if there is a spike in buyer momentum leading to increased upward movement.

The movement in the consolidation range is not too aggressive suggesting that maybe the traders are waiting for some heavy external freight or market event to make a more decisive move.

It can often break out or break out based on sharp market sentiment or news that is breaking. Further upward momentum could be triggered if the BTC price breaks above the $101,000 resistance and buying pressure increases.

Considering the current market conditions, the bullish sentiment in the market is likely to carry the trajectory to $110K. If BTC price maintains its support level and raises its way through the succeeding resistance around $105,000, Bitcoin could climb to the $110,000 mark.