Bitcoin price surged 4.4% during Wednesday’s U.S. market session, teasing a breakout from $100k for the third time in December. The BTC rally, backed by whale accumulation, hints at a higher potential for the asset to sustain the $100,000 level.
Currently, the BTC price trades at $101,168 and maintains its market cap at $2 Trillion. According to CoinGecko Data, the global crypto market cap stands at $3. 77 Trillion, while the 24-hour train volume is at $330.3 Billion.
Key Highlights:
- The market correction witnessing a surge in whale and institution activity indicates the large player continues to bet on BTC for a potential surge.
- An ascending trendline in the 4-hour chart drives a current recovery in Bitcoin price.
- The pivot level indicator shows $105k, and $110k stands as the immediate resistance for crypto buyers.
Institutional Bitcoin Buying Signals Potential Market Reversal
Riot Platforms, a major Bitcoin mining company, has recently acquired 705 BTC, valued at $68.45 million, according to on-chain data shared by Lookonchain. This acquisition aligns with Riot’s strategic expansion plans, as the company recently announced a $500 million private offering of convertible senior notes.
The raised capital is earmarked primarily for Bitcoin acquisitions and general corporate purposes, signaling Riot’s aggressive stance in solidifying its position in the cryptocurrency market.
On-chain data shows that Riot Platforms(@RiotPlatforms) has acquired 705 $BTC($68.45M) in the past 3 hours.
On Dec 9, Riot announced plans for a private offering of $500 million in convertible senior notes, intended primarily for #Bitcoin acquisitions and general corporate… pic.twitter.com/jkjf9KkP4s
— Lookonchain (@lookonchain) December 11, 2024
According to another onchain data tracker, Spotonchain, a crypto whale accumulated 801 BTC (worth approximately $77.55M) from the Binance exchange at an average price of $96,815.
Generally, an accumulation from a whale or institution boosts market sentiment as their buying often coincides with a major reversal or higher price rally.
A new whale took advantage of the recent price drop to accumulate 801 $BTC ($77.55M) from #Binance at an average price of $96,815 over the last 17 hours!
Follow @spotonchain and check out the whale’s wallets at:
1/ Accumulating address: https://t.co/fP1gbLwmcR
2/ Storing… pic.twitter.com/sS84gWrCb5— Spot On Chain (@spotonchain) December 11, 2024
Bitcoin Price Uptrend Strengthens as Buy-the-Dip Sentiment Prevails
Since mid-November, the Bitcoin price has showcased a slow yet steady recovery in the 4-hour chart. The uptrend displayed with an ascending trendline indicates the market participants continue to follow the buy-the-dip sentiment.
Until the trendline is intact, the BTC price could receive dynamic support and prolong its current uptrend. According to traditional pivot levels, the buyers could witness overhead supply at $105k, followed by $110k and $117k.
On the contrary, a breakdown below the lower trendline could accelerate the selling pressure and trigger a notable correction.
