Bitcoin

<p>Amid the recent price decline in Bitcoin (BTC), some are panic selling while others are buying the dip. Recently, a whale transaction tracker <a href="https://x.com/lookonchain/status/1856678849813364743">Lookonchain</a> made a post on X (Previously Twitter) that whales have made significant transactions and accumulated BTC as its price dropped.</p>   
<figure class="wp-block-image aligncenter size-full is-resized">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/11/13211409/image-219.png" alt="" class="wp-image-379479" style="width: 100%;height:auto">
 <figcaption class="wp-element-caption">
  Source: X (Previously Twitter)
 </figcaption>
</figure>   
<h2 class="wp-block-heading" id="h-bitcoin-whales-activity-nbsp"><strong>Bitcoin Whales Activity&nbsp;</strong></h2>   
<p>In a post, Lookonchain noted that five whales have successfully accumulated 952 BTC worth $83.7 billion. This notable acquisition suggests a potential buying opportunity. Additionally, on November 12, 2024, the artificial intelligence firm <a href="https://coinpedia.org/news/ai-firm-genius-group-follows-microstrategy-buys-120m-in-bitcoin/">Genius Group</a> (GNS) successfully acquired $120 million worth of Bitcoin, following their plan to make BTC their primary treasury asset.</p>   
<p>Apart from this, the market has experienced notable BTC acquisitions in the past 24 hours.</p>   
<h3 class="wp-block-heading" id="h-btc-price-momentum-nbsp"><strong>BTC Price Momentum&nbsp;</strong></h3>   
<p>Currently, BTC is trading at $91,350 and has registered a gain of over 5.10% in the past 24 hours. Meanwhile, its trading volume has dropped by 35%, indicating fear among traders and investors, resulting in lower participation.</p>   
<h2 class="wp-block-heading" id="h-technical-analysis-and-upcoming-level-nbsp"><strong>Technical Analysis and Upcoming Level&nbsp;</strong></h2>   
<p>According to CoinPedia's technical analysis, BTC appears bullish as it has successfully undergone a price correction and is now heading toward the $100,000 level. Based on recent price action, a further price correction may occur in the coming days, which could benefit BTC ahead of its upcoming rally.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/13211255/BTCUSDT_2024-11-13_21-12-40.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/13211255/BTCUSDT_2024-11-13_21-12-40-1024x448.png" alt="" class="wp-image-379478"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<h3 class="wp-block-heading" id="h-bullish-on-chain-metrics-nbsp"><strong>Bullish On-Chain Metrics&nbsp;</strong></h3>   
<p>On-chain metrics further support the asset's bullish behavior. According to the on-chain analytics firm <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noreferrer noopener nofollow">CoinGlass</a>, BTC’s open interest (OI) has grown by 5.6% in the past 24 hours and 5.2% in the past hour, indicating notable participation from traders. However, OI has risen aggressively in the past hour.</p>   
<p>Additionally, BTC’s long/short ratio currently stands at 1.02, indicating bullish market sentiment among traders.</p>

Why Bitcoin is Surging? Is $100K Imminent This Week?

Table of Contents

CoinPedia News

Other articles published on Nov 13, 2024

South Korean police capture organization linked to $213 million crypto scam

Qubetics Is Revolutionizing with Tokenized Asset Trading—Early Investors Eye Over 1000% Gains as ...

BlackRock Announces Crypto Fund Launch on Surprise Five Altcoin Networks!

Tether Mints $5 Billion in USDT Amid Bitcoin’s Surge, Launches Wallet Dev Toolkit

Bad News for Crypto? Elizabeth Warren to Succeed Sherrod Brown on House Banking Committee

215 Arrests as $230M Crypto Scam Defrauds 15,000 in S. Korea

Join our free newsletter for daily crypto updates!