{"id":24516,"date":"2024-09-10T16:31:12","date_gmt":"2024-09-10T20:31:12","guid":{"rendered":"http:\/\/leadingcryptonews.com\/bitcoin-whales-buy-14-2-billion-worth-btc-in-past-two-months\/"},"modified":"2024-09-10T16:31:12","modified_gmt":"2024-09-10T20:31:12","slug":"bitcoin-whales-buy-14-2-billion-worth-btc-in-past-two-months","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/bitcoin-whales-buy-14-2-billion-worth-btc-in-past-two-months\/","title":{"rendered":"Bitcoin Whales Buy $14.2 Billion Worth BTC in Past Two Months"},"content":{"rendered":"
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Bitcoin (BTC), the world\u2019s biggest cryptocurrency has been in a choppy range for more than six months. However, in the past few weeks, investor and whale interest has peaked. On September 10, 2024, a prominent crypto analyst made a post on X (previously Twitter) that in the past two months, over 236,155 BTC worth $14.22 billion have been withdrawn from the cryptocurrency exchange.<\/p>\n
Tokens withdrawn from the exchanges are generally considered as a positive sign or an indication of accumulation. However, during this period, BTC has remained in a sideways trend and mostly at the lower end of the parallel channel pattern.\u00a0<\/p>\n
The Analyst also noted that the estimated leverage ratio across all the crypto exchanges has hit its highest level in 2024, indicating that, apart from investors, Bitcoin traders are also taking on high risks. Combining all this data suggests that Bitcoin (BTC) is poised for a massive rally soon.<\/p>\n
According to expert technical analysis, BTC appears bullish as it recently broke out of a descending trendline on the four-hour time frame and is currently at a crucial resistance level of $57,850. On a four-hour time frame, BTC has been consolidating in a tight range near that level.\u00a0<\/p>\n