As the Bitcoin price struggles to sustain dominance above $57,000, the underlying weakness in the crypto market is starting to show up. With the intraday drop of 1.47%, the BTC price is $57,103.
Despite the bearish signal, the whales are looking to buy hidden altcoin gems at a lower price in the bear market. So, here are the top 3 coins the whales are buying despite the lower low formation in the crypto market.
Top Cryptos To Watch
AAVE (AAVE)
With the Aave price trading at $130 and the Aave founder selling off 6 million worth of Aave tokens, the Aave whales are on a buying spree.
In recent events, two Aave whales have bought 2.2 million worth of Aave tokens, ignoring the market noise. Further, another whale, “0xa92,” withdrew 50,605 AAVE tokens worth $6.8M with a current holding of 125,605 AAVE tokens worth $16.7M.
With the bullish trend in motion, the crypto price is likely to surpass the $142 resistance for a new rally above the $150 psychological mark. The next target level based on the Fibonacci level stands at $182 at the 1.618 Fibonacci level.
Dogwifhat (WIF)
Coming to the second coin on our list, the whales are buying the WIF meme coin. The largest holder of WIF has spent $1.54 million USDC to buy 800,556 WIF tokens at $1.92. This whale currently holds 28 million WIF tokens, which are worth $53.23 million. Meanwhile, the profit is well above $77 million.
Further, another WIF whale bought 9.57M WIF tokens worth $13.59M.
In a falling wedge pattern, the WIF price trades at $1.59 following the 9.95% jump yesterday. However, the bullish exhaustion leads to a 2.5% intraday drop, with a death cross between the 50-day and 200-day EMA.
Hence, based on the Fibonacci level, the next resistance beyond the 200-day EMA at $1.83 is the 23.60% level at the $2.00 psychological mark. With the continued interest in whales, the crypto could ignite a breakout rally to reach the 61.80% Fibonacci level at $3.31.
Bitcoin (BTC)
With the lower price rejection from $55,852 yesterday, the bullish exhaustion in Bitcoin is visible. Further, with an increased chance of a death cross, the BTC price is struggling to sustain above the $57,000 mark.
Nevertheless, the whales continue their buying spree in a declining trend of Bitcoin. A surge of 283 new wallets holding at least 100 BTC in the past month signals a stealthy buying spree. According to Santiment data, the number of wallets with 100 or more Bitcoins has reached a 17-month high of 16,120.
In a specific instance, a whale entity withdrew 2,000 BTC worth $117M at an average price of $58,525. With this move, the crypto price surged 3.18% on September 2nd, reflecting the intense bullish impact of whale movements.
Will increased whale activity drive Bitcoin back to $70K+ levels in 2024? Check out our Bitcoin price prediction for 2024-2030 to find out.
