Bitcoin whales have started substantial buying spree
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The price of Bitcoin is nearing its all-time high , and it is likely that a new high may arrive in the coming days. Seeing this, Bitcoin whales have triggered a strong buying spree. This has injected further positive momentum into the market, with Bitcoin looking to close October with a new high for its price.
Earlier today, a massive Bitcoin transaction worth around $91 million recently exited Binance, one of the world’s largest cryptocurrency exchanges. The transfer, by leading crypto monitoring platform Whale Alert, saw the movement of 1,260 BTC from Binance to an unidentified crypto wallet.This move by a Bitcoin whale, a term often used to describe entities holding large quantities of digital currencies, has led many to interpret it as a bullish signal.
Market analysts indicate that such massive Bitcoin withdrawals can positively impact BTC’s price by reducing the available supply on exchanges. This decreased supply, combined with steady or increasing demand, has the potential to push the Bitcoin price upward, as fewer coins remain available for purchase on the open market.. Over the past 24 hours, BTC has risen by 0.2%, bringing its price to $71,622.59.
Notably, Bitcoin is close to its ATH of $73,800, which was achieved back in March. Seeing the current market momentum and the bullish behavior from whales, it appears that a new high is in the cards for Bitcoin. With a With over three years of immersive experience in the crypto industry, Mushumir is a seasoned crypto writer dedicated to unraveling the complexities of blockchain technology and decentralized finance.
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