Bitcoins, markets retargeted $60,000 on Aug. 29 after a fresh sell-off. Data from TradingView showed that Bitcoin price action hit a two-week low of $57,900 on Bitstamp before recovering. The BTC/USD pair came under pressure the previous day, with market participants attributing the weakness to spot selling on Binance, the largest global exchange.
What’s Happening on the Bitcoin Front?
Binance, It has been embroiled in controversies regarding users’ funds in Palestine and has seen a significant increase in sales, especially during trading hours in the US. Blockchain data Data from analytics platform CoinGlass recorded a sudden drop of 45,000 Bitcoins in Binance’s Bitcoin balance. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Founder and CEO of trading company MNTrading Michael van de PoppeHe predicted a pullback to $56,000 and argued that a loss of the $61,000 level is critical on lower time frames.
More encouraging signs came from large-cap investors, with blockchain data analytics platform Lookonchain noting a whale purchase worth around $60 million.
Santiment’s As previously noted, at around $59,000, it was already entirely appropriate for whale and shark fishing groups to buy the dip. The Santiment team shared the following statement on X regarding the matter:
“Wallets holding 10-10,000 Bitcoin have accumulated more than 133,300 tokens in the past month, while smaller investors continue to impatiently leave their assets to them.”
Bitcoin Comment from a Famous Name
Popular investor and analyst Rekt Capital The BTC/USD pair continued its weekly consolidation pattern within a narrowing wedge and looks ripe for a breakout. The famous name shared the following statements with a chart he shared during the day:
“Bitcoin did indeed develop a higher low (light blue) and held above the weekly high (black; $55,737). Furthermore, Bitcoin has since formed a base at an even higher weekly high ($58,000) which has acted as a convergent support this week. This convergent support is currently being retested.”
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
