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Bitcoin&nbsp;retargeted $60,000 on Aug. 29 after as markets emerged from a fresh bout of impulse selling.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/c40bdf81-062d-42d6-8389-cdd3a1aeab30.png" alt="Bitcoin whale buys 1K BTC as ‘insane’ Binance selling sees sub-$58K low" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="binance-sheds-45-000-btc">Binance sheds 45,000 BTC</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed that Bitcoin’s (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;price action matched a two-week low of $57,900 on Bitstamp before rebounding.
BTC/USD came under pressure the day prior, with market participants attributing weakness to spot selling on largest global exchange Binance.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/b2b57008-383e-47ee-a1ab-6e5233a19285.png" alt="Bitcoin whale buys 1K BTC as ‘insane’ Binance selling sees sub-$58K low" title="">
 <figcaption style="text-align: center;">
 Source: MartyParty
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The exchange became involved in a&nbsp;<a href="https://cointelegraph.com/news/binance-seize-funds-palestine-israel">controversy</a> involving funds by users in Palestine, with United States trading hours, in particular, seeing a pronounced spike in the sell-off.
Data from monitoring resource <a href="https://www.coinglass.com/pro/i/Balance" target="_blank" rel="noopener nofollow">CoinGlass</a> recorded a snap 45,000 BTC decrease in Binance’s BTC balance.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/c219298f-cc93-4a09-bd28-b7ef90c41318.png" alt="Bitcoin whale buys 1K BTC as ‘insane’ Binance selling sees sub-$58K low" title="">
 <figcaption style="text-align: center;">
 Binance BTC balance (screenshot). Source: CoinGlass
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Michaël van de Poppe, founder and CEO of trading firm MNTrading, thus <a href="https://x.com/CryptoMichNL/status/1828824865329066068" target="_blank" rel="noopener nofollow">predicted</a> a retreat to as low as $56,000, arguing that the loss of the $61,000 mark on lower timeframes was “crucial.”
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/0843f801-1703-48e9-b35c-b75fc0306051.png" alt="Bitcoin whale buys 1K BTC as ‘insane’ Binance selling sees sub-$58K low" title="">
 <figcaption style="text-align: center;">
 BTC/USDT 4-hour chart. Source:&nbsp;Michaël van de Poppe
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</figure>
More encouraging signs came from large-volume investors, with analytics platform Lookonchain highlighting a whale buy worth nearly $60 million.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/13bceeb3-c618-4252-bb1f-79ef23f13f04.png" alt="Bitcoin whale buys 1K BTC as ‘insane’ Binance selling sees sub-$58K low" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/lookonchain/status/1829078401648566312" target="_blank" rel="noopener nofollow">Lookonchain</a>
 </figcaption>
</figure>
At around $59,000, research Santiment noted previously, buying the dip was already “just fine” for the whale and shark hodler cohorts.
“Over the past month, wallets with 10-10K BTC have collectively accumulated 133.3K more coins while smaller traders continue to impatiently drop their holdings to them,” it <a href="https://x.com/santimentfeed/status/1828824189299761370" target="_blank" rel="noopener nofollow">revealed</a> in part of a post on X.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/fd56b8df-6c16-4b86-bef7-822122841e19.png" alt="Bitcoin whale buys 1K BTC as ‘insane’ Binance selling sees sub-$58K low" title="">
 <figcaption style="text-align: center;">
 Bitcoin whale and shark wallet data. Source: Santiment
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<h2 data-ct-non-breakable="true" id="bitcoin-retests-long-term-confluent-support">Bitcoin retests long-term “confluent support”</h2>
For popular trader and analyst Rekt Capital, BTC/USD continued a weekly consolidation pattern within a narrowing wedge, looking ripe for a breakout.
Related: <a href="https://cointelegraph.com/news/btc-price-11x-sp-500-bitcoin-rolling-over-analyst">Bitcoin price at 11x S&amp;P 500 signals BTC is ‘rolling over’ — Analyst</a>
“Bitcoin has indeed developed a Higher Low (light blue) and maintained itself above the Weekly level (black; $55737),” he <a href="https://x.com/rektcapital/status/1829079312307212584" target="_blank" rel="noopener nofollow">explained</a> alongside a chart on the day.
<blockquote data-ct-non-breakable="true">
 “More, Bitcoin has since formed a base at an even higher Weekly level (~$58,000) which is acting as confluent support this week. This confluent support is being retested as we speak.”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/457e9b96-1b87-4664-a9a6-da750164c081.png" alt="Bitcoin whale buys 1K BTC as ‘insane’ Binance selling sees sub-$58K low" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-week chart. Source: Rekt Capital
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin whale buys 1K BTC as ‘insane’ Binance selling sees sub-$58K low

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