As the price of Bitcoin (BTC) approaches its all-time high (ATH), a new high is probably on the horizon. When Bitcoin whales realised this, they started a massive purchasing frenzy. This has given the market further upward momentum, and Bitcoin is aiming to conclude October at a record high.
One of the biggest cryptocurrency exchanges in the world, Binance, recently had a huge Bitcoin transaction worth over $91 million leave it earlier today. Leading cryptocurrency monitoring service Whale Alert documented the transfer, which involved 1,260 BTC moving from Binance to an unnamed cryptocurrency wallet.
Notable Bitcoin buying spree
Many have interpreted this action by a Bitcoin whale—a term frequently used to describe companies holding vast sums of digital currencies—as a positive indication. Large withdrawals from trading platforms are often interpreted by prominent investors as an indication of confidence. These traders demonstrate a preference for long-term holding over frequent buying or selling, which often indicates predictions of future price increases, by transferring cash to external wallets.
According to market analysts, by lowering the amount of Bitcoin that is accessible on exchanges, such large withdrawals might have a beneficial effect on the price of BTC. Because fewer coins are available for purchase on the open market, this reduced supply, along with stable or rising demand, might drive up the price of Bitcoin.
Bitcoin new high coming?
Bitcoin has been on a slight but consistent rising trend as of the time this article was written. Bitcoin has increased by 0.2% in the last day, reaching $71,622.59. This steady rise is indicative of continued market fervour as traders of all sizes continue to hold a bullish view of Bitcoin, supported by recent whale activity and strong market fundamentals.
Interestingly, Bitcoin is near its all-time high of $73,800, which was reached in March. A fresh high for Bitcoin seems likely given the present market momentum and the bullish behaviour of whales. Bitcoin’s position as a leading digital asset is being solidified by its steady price and rising investor interest.
