Bitcoin “Whale Acquires 1,000 BTC” as Binance Sell-Off Drives Prices Under $58K

A Bitcoin whale made a significant move, purchasing 1,000 BTC as Binance saw a sharp sell-off, pushing prices to a sub-$58,000 low. The volatile trading environment led to knee-jerk reactions from spot sellers, creating an opportunity for large-scale investors to buy Bitcoin at lower prices.

The sell-off was notably intensified during U.S. trading hours, with Binance facing controversy over user funds in Palestine. Monitoring resource CoinGlass recorded a sudden 45,000 BTC drop in Binance's Bitcoin balance, contributing to the market pressure.

Michaël van de Poppe, CEO of MNTrading, forecasted a possible dip to $56,000, highlighting the importance of maintaining the $61,000 support level on lower time frames.

However, large-volume investors remained optimistic. Analytics platform Lookonchain pointed out a whale purchase of nearly $60 million, showing confidence in the market despite the decline. Research by Santiment supported this sentiment, noting that wallets holding between 10 and 10,000 BTC had accumulated an additional 133,300 BTC over the past month, while smaller traders continued to sell.

Bitcoin Retests Key Long-Term Support Levels

Popular trader and analyst Rekt Capital observed that BTC/USD continued to consolidate within a narrowing wedge, setting the stage for a potential breakout. He noted that Bitcoin had formed a higher low and remained above a crucial weekly support level at $55,737. Additionally, a base around $58,000 had developed, which was acting as "confluent support" and was being tested as the market fluctuated.