On December 18th, Wednesday, the crypto market witnessed a slight slowdown in recovery momentum as Bitcoin price reverted from the $108K barrier. However, the pullback recorded a surge in whale interest, signaling a ‘buy-the-dip’ sentiment among market participants. Will the post-correction rally hit the $120 milestone?
By press time, the BTC price exchange was at $104,448, with an intraday loss of 1.8%. Consecutively, the asset’s market cap reverted to $2.06 Trillion, while the 24-hour trading volume is at $74 Million.
Key Highlights:
- The Bitcoin price pullback experienced immediate buying from three crypto whales, signaling their confidence for renewed market recovery.
- A bearish reversal within the channel pattern signals a 4% drop ahead for BTC retest major support.
- The bearish divergence in the Relative Strength Index (RSI) suggests an increased risk of a prolonged correction.
Whales Scoop Up $120M in BTC Amid Market Pullback
Amid the Bitcoin price pullback, three significant whales have collectively purchased 1,153 BTC, valued at approximately $120 million. According to Lookonchain data, a whale wallet identified as bc1qkv…t44v, withdrew 501 BTC worth $52.24 million from Bitfinex earlier today.
Another whale, operating under address bc1pjq…sjpc, withdrew 551.5 BTC, valued at $57.28 million, from the Binance exchange.
While the third wallet, 1L7gnf…xeTs, withdrew 100 BTC, worth $10.42 million, from Binance. This same address has withdrawn a total of 1,418 BTC, approximately $148.78 million, from Binance over the last two days, underscoring a clear accumulation trend.
3 whales bought 1,153 $BTC($120M) after the $BTC price pullback.
bc1qkv…t44v withdrew 501 $BTC($52.24M) from #Bitfinex 30 minutes ago.
bc1pjq…sjpc withdrew 551.5 $BTC($57.28M) from #Binance in the past 2 hours.
1L7gnf…xeTs withdrew 100 $BTC($10.42M) from $Binance 1 hour… pic.twitter.com/FEyp8BvwI6
— Lookonchain (@lookonchain) December 18, 2024
This whale buying frenzy indicates the market participants continue to follow a ‘buy-the-dip’ sentiment, a characteristic of an established uptrend.
Bitcoin Price: Rising Channel Setup Signals Potential 5% Dip
A 4-chart chart analysis shows the Bitcoin price reversed from the resistance trendline of a rising channel pattern. This chart setup intact since mid-November drives a sustained recovery within two trendlines acting as dynamic resistance and support.
The last two bearish reversals within the channel recorded a 9% loss before they could renew bullish momentum. With the current trading value of $104,400, the BTC price could plunge another 4-5% to seek support at the pattern’s lower trendline,
If the support holds, the buyers could rechallenge the overhead trendline to attempt a $120k breakout rally.
On the contrary, the RSI indicators reveal a bearish divergence with the price, marked by the formation of a lower high. This indicator of weakening bullish momentum could drive a breakdown below the pattern’s lower trendline for prolonged correction.
Also Read: Bitcoin Price Target $120K Breakout Amid Corporate Adoption & Whale Activity
