The post Can Bitcoin Hold $58,000? Here’s What Traders Should Know appeared first on Coinpedia Fintech News
After a massive price decline in Bitcoin (BTC), now it has reclaimed its $58,000 level. This massive recovery in the BTC price potentially occurred due to the higher interest from whales and institutions. On August 16, 2024, Bitcoin Whale withdrew a significant 533 BTC worth $31 million from Binance at an average price of $58,188, according to the on-chain analytic firm Spotonchain.
Whales’ and Institutions’ Bitcoin Purchase
Apart from this recent BTC purchase, between August 12, and August 14, 2024, Marathon Digital, the largest Bitcoin mining firm bought 4,144 BTC worth $249 million with an average rate of $59,500. This massive BTC accumulation at this range suggests a perfect buying level for crypto enthusiasts.
A fresh whale withdrew 533.5 $BTC ($31M) from #Binance at an average price of $58,188 in the past 5 hours!
Note that fresh whales seem to be acti
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