The Withdrawal Effect: Bitcoin Corrects to $25.8k as Traders Move $100 Million from Binance

  • Following a short period of recovery starting on May 7th, Bitcoin initially declined to $26.4k and remained at that level for the remainder of the previous week.
  • However, on Saturday, it plummeted to a support level at $25.8k, falling below the $26,000 mark once again.

Over the weekend, the Bitcoin price experienced a dip similar to the one observed on May 5th.

Following a short period of recovery starting on May 7th, Bitcoin initially declined to $26.4k and remained at that level for the remainder of the previous week. However, on Saturday, it plummeted to a support level at $25.8k, falling below the $26,000 mark once again.

Since the drop, the price has exhibited mostly stable behavior, although it is uncommon for Bitcoin to trade sideways for an extended period.

The main question now revolves around whether the price will recover or break through the support level to continue its decline.

Experts suggest that if BTC can maintain its position above the trendline and successfully break out of the wedge pattern in an upward direction, there is a possibility of a potential bullish rally ranging from +20% to 25%.

However, there is an equal possibility of a bearish rally towards $21.5k if the current support level is breached.

There have been arguments suggesting that BTC needs to reach $23k and $25k in order to achieve future growth.

The price approached the channel support closely, and as a result, Bitcoin will likely require further downward correction to secure long-term gains.

$100 Million in BTC Withdrawn

In recent days, Bitcoin has encountered unfavorable developments that could have influenced investors and subsequently affected its price.

One such instance is the ongoing conflict between Binance and the SEC, which has caused the crypto community to withdraw their support from the exchange.

As a result, traders have withdrawn over $100 million worth of Bitcoin, possibly due to concerns that regulatory actions could lead to the freezing of their accounts and funds on the platform.

This substantial withdrawal has resulted in a remarkable number of 94,466 unique BTC addresses, marking an all-time high in terms of Bitcoin transactions.

Bitcoin Whales Accumulate as Decade-Old Wallet Resurfaces

Positive developments have also emerged within the realm of BTC.

Renowned trading expert Peter Brandt expressed the view that Bitcoin is the sole secure asset, while referring to other cryptocurrencies, including Ethereum, as scams.

Bitcoin whales have initiated their own strategic moves, acquiring 57,578 BTC during the recent market decline.

This unexpected accumulation of BTC by whales has surprised analysts, deviating from previous patterns and generating uncertainty among experts.

As a result of the whales’ actions, analysts have started questioning their own predictions.

Additionally, there has been a significant buzz on Crypto Twitter surrounding Satoshi Nakamoto, the enigmatic creator of Bitcoin.

Nakamoto has garnered attention following a recent report that unveiled the reactivation of a decade-old BTC wallet containing over $37 million worth of BTC.

This wallet is believed to originate from the era of Satoshi and might even be linked to Bitcoin’s developer.

Wall Street Memes: Rakes in Impressive $6.19 Million in Funding

Amidst the uncertain state of Bitcoin, investors are shifting their focus towards emerging cryptocurrencies, particularly those that are currently in the presale phase.

One notable example is Wall Street Memes (WSM), a project inspired by the influential subreddit Wall Street Bets. This community gained recognition for challenging institutional investors who sought to profit by shorting stocks of various companies in 2021.

The successful response of individual investors inspired the creation of WSM, a new meme coin that has garnered significant support, already raising an impressive $6.19 million.

The project is currently in the midst of its presale period, offering tokens at a price of $0.0283 each for the next 24 hours. Subsequently, the price will increase to $0.0286 per token. WSM can be purchased using ETH, USDT, or through card transactions.

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