Whale Watch: Buying Frenzy Continues as Bitcoin Dips

A Bitcoin whale has acquired 673 BTC worth $45.2 million from Binance, indicating a buying trend. This whale has consistently accumulated Bitcoin during dips, including a purchase of 4,451 BTC in March. Bitcoin's price has fluctuated since reaching its all-time high last week, but it has begun to recover after the U.S. Federal Reserve's recent policy decisions.

Whale Activity: Buying Spree Continues

Has the crypto whale that's been gobbling up Bitcoin on the dip made another big purchase?

Based on on-chain data, the answer appears to be a resounding yes. According to Lookonchain, a Bitcoin whale recently withdrew 673 BTC, worth a cool $45.2 million, from Binance. Such withdrawals often signal an intent to buy, while deposits typically indicate an intention to sell.

Consistent Accumulation

This isn't the first time this particular whale has shown a penchant for buying Bitcoin on the dip. Lookonchain reports that on March 21, the whale scooped up 4,451 BTC worth $294.6 million from Binance at an average price of $66,195.

Market Volatility

Bitcoin has been a rollercoaster ride lately, reaching an all-time high of $73,797 last week before tumbling about 13%. The volatility is largely attributed to waning demand for spot Bitcoin exchange-traded funds.

Recovery in Sight?

But the tide may be turning. Bitcoin began to recover late Wednesday after the U.S. Federal Reserve kept interest rates unchanged and hinted at potential rate cuts.

Price Action Analysis

Bitcoin recovered above $68,000 on Thursday but failed to sustain the rally, falling to lows of $64,525. At the time of writing, BTC was trading at $64,796, down 3.48% in the last 24 hours.

Key Support and Resistance Levels

Eyes are now peeled for a recovery in the BTC price after it tested key support levels. Consolidation and the formation of a base could set the stage for an upward move. Key resistance levels will be closely monitored, with a breakout potentially triggering further buying interest and pushing Bitcoin towards higher targets.

Bulls and Bears: A Battle in the Making

If Bitcoin manages to rebound, the first sign of strength will be a move above $65,270. From there, it could reach $69,000, the last hurdle before challenging its current all-time high.

However, a rebound could also face selling pressure at $65,270. In case of further selling, BTC may drop to the 50-day SMA ($57,614), where bulls are expected to make their stand.

So, the question remains: Will the whale's buying spree continue to fuel Bitcoin's recovery, or will the bears have the last laugh? Only time will tell.