Whales Accumulate 400 BTC as Bitcoin (BTC) Price Maintains Above $100k

Whales continue to display confidence in Bitcoin (BTC). On Tuesday, a big crypto holder withdrew significant amounts of Bitcoin from Binance today

A large crypto holder withdrew 400 BTC from Binance on Tuesday as the token price maintains above the $100k level. This transfer signals increasing confidence in Bitcoin (BTC) among whales.

The transaction, valued at $41.2 million, saw a new wallet created to withdraw the BTC from the world’s largest crypto exchange. The movement of this magnitude has attracted attention.

This bulk crypto withdrawal comes as Bitcoin had a dramatic week with large ups and downs in price movements. The token started the week with negative market sentiment, dropping to below $100k and marking a 4.7 % downward correction.

After reaching new all-time highs last week, the token began Monday with a bearish trend. BTC fell below the crucial $98,500 level as traders reacted to the market conditions.

However, the whale grabbed the opportunity, accumulating 400 BTC in its holdings today. With an average price of $103,000 per token, the acquisition amounts to $41.2 million. This transfer signals increasing confidence in BTC’s long-term prospects.

This accumulation also coincides with BTC's recent less severe consolidation compared to earlier market downsides, suggesting big crypt holders’ influence in mitigating price decreases. The ongoing whale acquisitions could play a critical role in cushioning the token from embracing the bear trend.

The strategic purchasing frenzy by whales during market corrections has become a recurrent activity. Their actions have boosted BTC, giving the coin some form of resilience.

Bitcoin price updates

Today, Bitcoin recovered previous losses amid some bargain buying at the $100,000 level. BTC is currently trading at $102,721, up 3.6% in the last 24 hours. The largest digital asset had dropped to $98,500 on Monday but made a quick recovery.

The recent extreme volatility on the token left traders concerned, particularly following its swift decline after climbing to significant heights this past week. After rising over 15% from its low of $91,000 on Jan.13 to a new ATH of $109,300 on Jan.20, Bitcoin has initiated a correction movement, dropping below the $103,000 level.

On Jan 27, BTC fell below $98,500, a decline that signaled the market’s cautious stance as traders assess the performance of the new regime led by President Trump and get ready for the Fed’s first meeting of the year.

But this price drop was followed by a bullish trend on Friday as the token price managed to recover some ground lost earlier in the week. BTC rose above the $102,000 level, signaling a return to bullish momentum after several days of choppy trading activity.

As the token price attempts to consolidate above the $100,000 level, traders are closely monitoring the market dynamics and preparing for the upcoming Fed discussion.

Market optimism now relies on the Fed’s forthcoming discussion slated today and tomorrow, anticipating potential decisions that could impact the broader cryptocurrency market.

Currently, BTC price moves suggest embracing a consolidation trend between $97,000 and $103,000, a range where many expect buying activity. If it manages to stay above the $100,000 mark, it could restore traders’ confidence and suggest healthier market trends.