Bitcoin

In the struggling cryptocurrency market, crypto whales view the current situation as an opportunity and are heavily accumulating top digital assets due to recent price drops. On May 14, 2024, the on-chain analytics firm Lookonchain posted on X (previously Twitter) that two whales had bought a massive 791 Bitcoin worth nearly $50 million. Whales buying Bitcoin amid price drop&nbsp; Lookonchain highlighted that this significant Bitcoin purchase occurred when the Bitcoin price was at its lowest point today. The wallet addresses of these two whales are 1LXdAT and bc1qr4, and they have massively accumulated Bitcoin. The whale with wallet address 1LXdAT has accumulated a massive 4,736 Bitcoin worth $309 million, with an average price of $65,264 since March 19, 2024.&nbsp; 
Despite Bitcoin moving within a narrow range since March 2024, this massive accumulation suggests a bullish outlook. Meanwhile, the wallet address bc1qr4 has accumulated a total of 791 Bitcoin worth nearly $35.7 million, with an average price of $45,156, consolidating Bitcoin since November 19, 2023.
This type of accumulation in a sideways market gives investors hope for bullishness in the coming days. Observing both whales’ activities, the current Bitcoin level appears to be an optimal time to add Bitcoin. Currently, Bitcoin is trading near $61,850 and has experienced a 1.6% downside momentum in the last 24 hours. Over the past seven days, Bitcoin saw a 2.7% downside momentum, and in the last 30 days, Bitcoin prices have experienced nearly a 5% decline. Bitcoin price performance analysis 
Despite Bitcoin’s negative price momentum, the trading volume in the last 24 hours has increased by 22%, currently standing near $26.1 billion. This substantial trading volume highlights mass participation from investors and retailers amid the price drop.
According to expert technical analysis, Bitcoin in a shorter time frame (4 hours) looks bearish as it faces strong resistance from the 200 EMA (Exponential Moving Average). In this market situation, Bitcoin’s price may either fall or remain stable throughout the day. On a daily time frame, Bitcoin is near a support level.&nbsp;
Since March 2024, Bitcoin has approached this level several times but has always remained above support, indicating strong bullish support. The current Bitcoin situation is neutral and bullish; however, if the $59,800 level is breached, a <a href="https://news.todayq.com/analysts-warn-of-potential-sell-off-if-bitcoin-drops-to-this-level/" rel="noopener noreferrer nofollow">massive sell-off</a> may occur.

Whales aren’t scared of Bitcoin fall, Here’s why?

Todayq News

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